The U.S. Just Finalized The Largest Offshore Wind Sale in the Nation's History

The U.S. government just broke a record by leasing the rights to build new offshore wind power, in a deal reaching upwards of $405.1 million late last week. This is the most expensive offshore wind deal in the country’s history. In a few years, a small region in New England could start producing enough electricity to power around 1.5 million homes, according to a new Utility Drive report. The process started about a year ago, when two different turbine manufacturers—Statoil and PNE Wind—approached the U.S. Bureau of Ocean Energy Management with an offer to build new wind turbines in an area off the coast of Martha’s Vineyard. Because both companies were interested in the same area, the agency held an auction to determine who would get the rights. Over the past week, that auction was held and 11 different companies participated. At the end of the process last Friday, three different companies made winning bids to develop offshore wind technologies. Equinor, Mayflower Wind, and Vineyard Wind each bid approximately $135 million for a lease on that part of the sea...MORE