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January 6, 2022

New York to invest $500m to support offshore wind segment

The investment will be made directly in the offshore wind manufacturing and supply chain infrastructure.

The State Government of New York is set to invest $500m in the offshore wind segment as part of its 2022 State of the State plan.

With this investment, the government intends to bolster New York’s position in the renewable energy space.

The investment will be made directly in offshore wind manufacturing, supply chain and port infrastructure, energy generation and the creation of ‘green jobs’ among other areas.

New York Governor Kathy Hochul 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 forward and meet our ambitious climate goals.”

The offshore wind plan will build on more than 6,800 jobs and 4.3GW of energy capacity, enough to power almost three million homes in the state.

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It also seeks to use capital from private investors to deliver more than $2bn in economic activity while creating more than 2,000 ‘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 2GW 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. 

The state agencies plan to conduct a New York State Cable Corridor Study for identifying offshore wind cable corridors and key access points of interconnection to ensure the offshore wind grid delivers 6GW of wind energy directly to New York.

Apart from these initiatives, the state will also begin construction of its first offshore wind project, the South Fork Wind Farm, this year.

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