New England Offshore Wind Farm Latest to Win Biden Approval

(Bloomberg) -- An Iberdrola SA unit’s plan for a major offshore wind development south of Martha’s Vineyard is the latest project to win approval from the Biden administration.

Avangrid Inc.’s New England Wind project is expected to generate as much as 2.6 gigawatts of electricity, enough to power more than 900,000 homes, the Interior Department said Tuesday in a statement. The project will be located about 20 nautical miles south of the holiday destination in Massachusetts.

The decision follows the approval last week of Orsted A/S’s near 1-gigawatt Sunrise Wind development, also close to Martha’s Vineyard. It brings the total of offshore wind projects authorized by President Joe Biden to more than 10 gigawatts, according to the Bureau of Ocean Energy Management.

“The New England Wind project will help lower consumer costs, combat climate change, create jobs to support families, and ensure economic opportunities are accessible to all communities,” Interior Secretary Deb Haaland said in the statement.

Despite the flurry of approvals, Biden’s target of delivering 30 gigawatts of offshore wind installations by 2030 remains challenging. Some analysts forecast the US will reach little more than half that volume by the end of the decade, with projects facing setbacks such high borrowing costs, supply chain challenges and abrupt power agreement cancellations.

©2024 Bloomberg L.P.