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New Jersey offshore wind advances with BPU applications, DOI lease nominations, and OREC incentives, drawing developers like Fishermen's Energy, PSEG, and Deepwater Wind to invest in renewable manufacturing, financing, and clean power jobs.
What This Means
A statewide push to launch offshore wind via BPU applications, DOI leases, and OREC financing to expand renewable power.
- BPU accepting developer applications until June 14
- DOI issues call for offshore wind lease nominations
- OREC program sets rules and creates revenue support
New Jersey opened the window for applications to build what could be the nation's first offshore wind power projects.
There are currently no offshore wind projects in U.S. waters, but several companies in many states have been jockeying for years, with some project delays drawing criticism, to be the first to build such a wind farm.
A few firms have already announced plans to build wind projects off the New Jersey coast, including Fishermen's Energy, Public Service Enterprise Group Inc and Deepwater Wind, alongside early buoy deployment efforts to gather site data.
"The wind power movement is providing us with a unique opportunity to advance energy as industry," Gov. Chris Christie said in a statement.
"By doing so, we have the ability to leverage our tremendous resources with ground-breaking technologies, allowing New Jersey to increase its use of renewable energy sources while advancing an industry that will lead to long term job creation," Christie said.
The state Board of Public Utilities will accept applications from prospective developers until June 14.
To spur offshore development, the U.S. Department of the Interior issued a "call for nominations" for wind project leases off the Jersey coast.
The New Jersey governor last year signed the Offshore Wind Economic Development Act, which provides financial incentives and tax credits to businesses that construct manufacturing, assembly and water access facilities to support offshore wind projects.
The Act authorized the creation of an Offshore Wind Renewable Energy Certificate OREC program and rules that developers must follow to obtain approval and receive ORECs.
The state said it wants applicants to demonstrate financial integrity and sufficient access to capital to allow for a reasonable expectation of project completion.
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