New York Announces $500 Million Offshore Wind Investment

Source: RL Martin

On January 5, 2022, along with her State of the State address, New York Governor Kathy Hochul announced a new plan to strengthen New York’s investments in offshore wind. The plan has four key elements, including up to $500 million to invest in offshore wind manufacturing capacity, port and supply chain infrastructure.

"With this investment, New York will lead the nation on offshore wind production, creating green jobs for New Yorkers, and powering our clean energy future," Governor Hochul said. "I am proud to make New York a leader in offshore wind and renewable energy. We must harness the potential of offshore wind to fuel our economy forward and meet our ambitious climate goals." 

Overall, Governor Hochul expects the state’s offshore wind plan to create more than 6,800 new jobs, contribute over $12 billion in economic impact, and provide 4.3 gigawatts of new renewable energy. So far, the New York State Energy Research and Development Authority (NYSERDA) has managed two previous solicitations in 2018 and 2020.

These new funds come ahead of New York’s third offshore wind solicitation set for 2022. On January 12, Gov. Hochul held an event alongside Gov. Murphy of New Jersey, the President of the AFL-CIO, and the Secretary of the Interior, Deb Haaland. This event announced a new round of leasing for offshore wind farms on the Atlantic Coast, set for February 2022.

Along with the 2022 solicitation, Gov. Hochul has asked NYSERDA to develop a transmission plan to help power four million homes in New York City with offshore wind, as well as an update to the Offshore Wind Master Plan. The updated Master Plan 2.0 will focus on deep water options to begin preparing for the next phase of offshore wind development in the state.