On March 29, the Biden Administration unveiled the latest step in its comprehensive effort toward achieving net-zero emissions by 2050 — deployment of 30 GW of offshore wind energy by 2030.
This effort is anticipated to generate 77,000 offshore wind jobs, 57,000 additional jobs in communities supported by offshore wind activity, and supply chain benefits, including new port upgrade investments totaling more than $500 million. Additionally, the initiative is expected to supply enough power to meet the demand of 10 million homes for a year and cut 78 million metric tons of carbon dioxide.
The Administration also announced several investment and funding opportunities to facilitate its 30 GW deployment goal. The Department of Energy (DOE) unlocked access to $3 billion in funding for offshore wind projects through its Innovative Energy Loan Guarantee Program.
The National Offshore Wind Research and Development Consortium, created by the DOE and the New York State Energy Research and Development Authority, announced the award of $8 million to 15 offshore wind research and development projects.
The U.S. Department of Transportation’s Maritime Administration announced a Notice of Funding Opportunity for port authorities and other applicants to apply for $230 million for port and intermodal infrastructure-related projects through the Port Infrastructure Development Program.
Pierce Atwood has extensive experience in supporting offshore wind and related port, energy infrastructure, and offshore wind service projects throughout the Northeast.
If you would like to learn more about the funding available for your projects, want to pursue a loan guarantee, or wish to discuss how Pierce Atwood can move your company ahead, please contact Jim Avery, Rick Novak, Andrew Kaplan, Maeve Tibbetts, or Kayla Grant.