NY Announces $500 Million Offshore Wind Investment and 2022 Procurement

Mayer Brown - Tax Equity Times

Mayer Brown - Tax Equity Times

On January 5, 2022, as part of the 2022 State of the State, New York Governor Kathy Hochul announced new investments and a plan to advance offshore wind energy development off the coast of New York. Governor Hochul announced that the state will make a $500 million investment to support ports, manufacturing and supply chain infrastructure to advance its offshore wind industry. Coupled with the investment, Governor Hochul announced an offshore wind plan with the following actions:

  • The New York State Energy Research & Development Authority (NYSERDA) will launch its next round of offshore wind procurement in 2022, which is expected to result in at least 2 gigawatts of new projects;
  • New York state agencies will conduct a New York State Cable Corridor Study to initiate planning on how to deliver at least 6 gigawatts of offshore wind energy directly into New York City. The study will, among other things, identify offshore wind cable corridors and analyze key points of interconnection to the grid; and
  • NYSERDA will initiate a new master plan, building on New York’s current Offshore Wind Master Plan. The new master plan will analyze, among other things, deep-water offshore wind development, which may rely on floating technology.

Also on the horizon for New York, the Bureau of Ocean Energy Management (BOEM) is expected to issue the Final Sale Notice (FSN) for the NY Bight lease area in the coming weeks. BOEM will hold the NY Bight competitive auction at least 45 days after issuance of the FSN. In addition, the South Fork Wind offshore project, which is located 19 miles southeast of Block Island, Rhode Island, and 35 miles east of Montauk Point, New York, is slated to begin construction in early 2022.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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