Deepwater Wind LLC wins wind-energy development project

August 1
1:01 AM 2013

Deepwater Wind LLC announced that they were awarded leasing rights in the first auction for the offshore wind-energy development project in the US federal waters. The company said that they agreed to pay an estimated US$3.8 million for the lease of two blocks off Rhode Island and Massachusetts. The company said that they plan to install 200 turbines with a total capacity of 1,000 megawatts. Deepwater Wind LLC, backed by hedge fund firm D.E. Shaw & Co., is the US leader in the development of renewable, offshore wind-power projects. The company said that the construction for the turbines will state in 2017, with power distribution to start in 2018.

"This is a major step in standing up offshore wind generation in this country," Tommy Beaudreau, director of Bureau of Ocean Energy Management, said yesterday.

The US Interior Department announced that in the next nine months, the government plans to offer leases in the areas of Maryland, Virginia, Massachusetts and New Jersey.

"We're hoping that this year and next year we can start putting the power purchase agreements together," Deepwater Chief Executive Officer Jeff Grybowski said. "The project will likely be built in phases with 200 megawatts to 400 megawatts of generating capacity. It's unlikely we would try to sell the power all at once."

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