Deepwater Wind has announced that they have secured all required financing ($290 million) to move forward with their wind farm project near Block Island.
The project is already under construction, as the owners had invested $70 million of their own funding beforehand; the other investors are Societe Generale of Paris, France, and KeyBank National Association of Cleveland, Ohio.
Wind energy continues to be a wise investment for companies around the world, and organizations are no longer simply investing in their own countries, they are taking their investments internationally as well, as can be seen here with Societe Generale.
Here are some stats on the Block Island Wind Farm:
- 30MW offshore wind farm (5 wind turbines in total)
- Located approximately 3 miles southeast of Block Island
- Expected to generate over 125,000 MWH annually; powering over 17,000 homes
- “Power will be exported to the mainland electric grid via the 21-mile, bi-directional Block Island Transmission System, a submarine cable proposed to make landfall in Narragansett, Rhode Island”
- The wind farm will be operational by 2016
According to Wikipedia: As of 2014, there are no offshore wind farms in the United States. However, projects are under development in wind-rich areas of the East Coast, Great Lakes, and Pacific coast. In January 2012, a “Smart for the Start” regulatory approach was introduced, designed to expedite the siting process while incorporating strong environmental protections. Specifically, the Department of Interior approved “wind energy areas” off the coast where projects can move through the regulatory approval process more quickly.