Momentum Wind Project, US

Momentum Wind Project is an 808.5MW offshore wind power project. It is planned in Atlantic Ocean, Maryland, the US. The project is currently in announced stage. It will be developed in single phase. The project construction is likely to commence in 2024 and is expected to enter into commercial operation in 2026.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.

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Project Type	Total Capacity (MW)	Active Capacity (MW)	Pipeline Capacity (MW)	Project Status	Project Location	Project Developer
Offshore	808.5	–	808.5	Announced	Maryland, the US	US Wind

Description

The project is being developed and currently owned by US Wind.

The project is expected to supply enough clean energy to power 200,000 households. The project cost is expected to be around $3,759.525m.

The wind power project consists of 55 turbines.

Development Status

The project construction is expected to commence from 2024. Subsequent to that it will enter into commercial operation by 2026.

About US Wind

US Wind Inc. (US Wind) is involved in the construction of a marine wind farm in the US. The wind farm is located at a distance of 15 miles from the coast of Maryland. The company plans to install 85-125 turbines in 20-30 meters of water depth in an area of 80,000 acres. The energy from the turbines will be collected by a substation which will then transmit electricity to the shore through sub-sea export and inter-array cables. The wind farm is expected to have installed power of 500 MW and generate 1,824 GWh per annum to be supplied to 300,000 homes. The project may also produce a Carbon-dioxide emission saving of 1,285,086 tons per annum. The wind farm, with an investment of US$2.5 billion, is expected to be completed by 2020. US Wind operates as a subsidiary of Renexia SpA, and is headquartered in Boston, Massachusetts, the US.

Methodology

All power projects included in this report are drawn from GlobalData’s Power Intelligence Center. The information regarding the project parameters is sourced through secondary information sources such as electric utilities, equipment manufacturers, developers, project proponent’s – news, deals and financial reporting, regulatory body, associations, government planning reports and publications. Wherever needed the information is further validated through primary from various stakeholders across the power value chain and professionals from leading players within the power sector.