New York released a new offshore wind solicitation on Thursday, seeking proposals for offshore wind and land-based renewable projects that expediate its renewable energy ambitions.
The solicitations will support New York’s Climate Leadership and Community Protection Act targets to obtain 70% of New York’s electricity from renewable sources by 2030 and develop 9GW of offshore wind by 2035.
Go deeper with GlobalData
The New York State Energy Research and Development Authority (NYSERDA), the body that proposed renewable solicitations, has welcomed “all project developers, including those that previously petitioned the New York State Public Service Commission for financial relief and new market entrants” to participate in the process.
Currently, New York does not have any operating offshore wind farms. However, Denmark-based Ørsted, the world’s largest offshore wind farm developer, is expected to produce first power at the 132MW South Fork project by the end of this year.
“Hundreds of US workers and three north-east ports have supported South Fork Wind’s construction, helping to stand up the foundations of a new domestic supply chain that’s creating local union jobs across the north-east,” said NYSERDA. “All 12 turbines are expected to be installed by the end of 2023 or early 2024.”
Through the year, offshore wind developers have been forced to drop projects in Connecticut, New Jersey and Massachusetts owing to supply delays, lack of new tax credits and high interest rates. This also caused Ørsted to take a 20% hit on its share price in August, its lowest level in four years.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataTogether, Orsted, Equinor and BP have faced $5bn in writedowns on US offshore wind projects that were already in development because the sales contracts could not cover the cost of investment in building and running them.
NYSERDA announced that final proposals for the solicitation are due by 25 January 2024, with awards expected in February.
