Good Energies backs Mid-Atlantic offshore wind project
Leading global renewable energy investor, Good Energies, announces an investment in the 6,000 megawatt Atlantic Wind Connection (AWC) backbone transmission project, which is expected to power 1.9 million homes upon completion. Good Energies is an extremely knowledgeable investor, specifically for renewable energy projects throughout North America, Europe and Asia. The company is to invest 37.5 percent of the development capital along with Google and Marubeni Corporation. Project development is being directed by Trans-Elect, an independent transmission company.
The AWC project will allow for offshore wind projects to be constructed for lower costs and minimal environmental impacts. Additionally, the wind farms will be able to supply power to any location along the Mid-Atlantic coast. Jobs will be created from the project; consumers will have greater access to clean energy resources; and the reliability of the Mid-Atlantic region’s power grid will be increased.
"This new American super grid off the Mid-Atlantic coast will unlock an important untapped resource, creating the foundation for a new industry and jobs for thousands of American workers," said Bob Mitchell, CEO of Trans-Elect.
"We are honored to participate with our partners in this groundbreaking project. The Atlantic Wind Connection Project will enable the development of thousands of megawatts of wind energy capacity in one of the nation's most restricted power markets. AWC will help bring stability and security to the eastern power grid while enabling the states to meet their renewable energy goals and standards by accessing an untapped large scale local renewable resource—offshore wind," said John Breckenridge, Managing Director at Good Energies. "Good Energies consistently searches for outstanding investment opportunities that present innovative and cost-effective solutions and which we can leverage our expertise to aid in the transition to a low carbon economy."
"We are excited to make our first investment in transmission development on this game-changing renewable energy project," added Nathan Campbell, Director at Good Energies. "We see the space as an enormous opportunity to deploy capital within our North American Infrastructure fund. Transmission backbones that enable gigawatts of renewable energy to be deployed will be critical in achieving long-term public policy objectives."
AWC will originally connect 6,000 megawatts of offshore wind turbines, which are highly scalable and capable of being expanded for accommodating additional offshore wind energy as the industry develops. With a strong backbone in place, larger and more energy-efficient wind farms can connect to offshore power hubs further out at sea. According to the Department of Energy, more than 43,000 permanent operations and maintenance jobs would be created if 54,000 MW of offshore wind turbines were installed by 2030.