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New York to invest $500 million to support offshore wind
- 2 years ago (2022-01-07)
- David Flin
The State Government of New York has announced it will invest $500 million in the offshore wind industry as part of its 2022 State of the State plan. The investment will be made directly in offshore wind manufacturing, supply chain and port infrastructure, energy generation, and the creation of green jobs.
E-World 2025
The offshore wind plan will create 4.3 GW of extra energy capacity.
The plan will use capital from private investors to provide over $2 billion in economic activity and create over 2000 “well-paid” green jobs. In addition, the New York State Energy Research and Development Authority (NYSERDA) will launch its next offshore wind procurement this year to deliver at least 2 GW of new capacity. NYSERDA also plans to launch the Offshore Wind Master Plan 2.0 Deep Water to “unlock the next level in offshore wind development.”
Kathy Hochul, New York State Governor, said: “With this investment, New York will lead the nation on offshore wind production, creating green jobs for New Yorkers and powering our clean energy future. I am proud to make New York a leader in offshore wind and renewable energy. We must harness the potential of offshore wind to fuel our economy forwards and meet our ambitious climate goals.”
The state agencies plan to conduct a New York State Cable Corridor Study to identify offshore wind cable corridors and key access points of interconnection to ensure the offshore wind grid delivers 6 GW of wind energy directly to New York.
In addition to these initiatives, the state will also begin construction of its first offshore wind project, the South Fork Wind Farm, this year.