Wind energy – USA
On May 11 the Bureau of Ocean Energy Management (BOEM) announced the Record of Decision (ROD) for the Vineyard Wind Project.
This comes two months after the release of Vineyard Wind’s final environmental impact statement and signals the imminent start of a new phase for the U.S. offshore wind industry.
The issuance of Vineyard Wind’s ROD reflects federal support to jumpstart the U.S. offshore wind energy industry.
It also demonstrates the Biden Administration’s commitment to deploying 30 GW by 2030, which is expected to bring in new investors who will support the build-out of a local U.S. supply chain.
The Record of Decision is BOEM’s ‘greenlight’ for construction of the first U.S. commercial-scale project, approving the installation and operation of 84 offshore wind turbines arranged in a north-south and east-west orientation, with a minimum spacing of one nautical mile between them.
The Vineyard Wind project is a microcosm of the potential economic boon that offshore wind offers the United States. Full construction and operations are projected to create 3,600 Massachusetts jobs and spur over $200 million in economic activity.
In its 2021 Market Report, the Business Network identified 418 contracts nationwide, including 51 involving the Vineyard Wind project, and $3.6 billion in public and private investments even before a U.S. commercial-size project has begun construction.
In just a few months, the number of contracts has swelled to over 500. It also brings a sorely needed regulatory decision for investors and re-positions the U.S. as a player in the trillion-dollar global offshore wind industry.