Offshore Wind Moving Towards Fruition on the East Coast
In New Jersey, plans are moving forward to establish a 189-mile portion of the planned offshore wind transmission backbone from Jersey City to Atlantic City. This section is phase one of the proposed Atlantic Wind Connection undersea transmission line project. Once complete in 2019, it is expected to carry around 3,000 MW of electricity to the coastline. On other areas of the Atlantic coast, the Bureau of Ocean Energy Management (BOEM) is holding seminars to discuss the upcoming offshore wind leasing auctions. BOEM announced the availability of two proposed leasing areas – a 164,750-acre plot off the coast of Massachusetts and Rhode Island, and an 112,800-acre area off the coast of Virginia.
French President Raises Renewables Stakes
French president Francois Hollande has made a forthright call for investment in renewable energy. And he backed up his words with action – with a deal with Dr. Sultan Ahmed Al Jaber, chief executive of Masdar, Abu Dhabi’s renewable energy company. The deal will pave the way for Masdar to work with French institutions on the development of renewables. The two countries are making intrepid investments in large-scale renewable energy projects and developing carbon reduction strategies. Hollande’s government is raising the stakes in renewable energy – already having the sixth largest wind capacity in the world and has set a target of producing 23 percent of its energy from renewables by 2020.
Private Equity Skips Renewables as Investment Drops
Private equity companies and venture capitalists cuts-down on their renewable-energy investment to the lowest since 2006 as once-promising companies failed or were sold at a loss. The clean energy industry suffered an 11 percent dive to $268.7 billion in total investment last year from a record $302.3 billion the year before. The decline shows wariness among investors who have already been burned by losses, especially those who backed solar-panel manufacturers competing with Chinese companies. The slump was also the result of waning government incentives for renewable energy and weak performance in the stock market, which made it harder for investors to extract value.
Duke Energy Renewables Completes its Largest Windpower Project
Duke Energy Renewables recently announced the completion of its largest-ever windpower construction projects, the Los Vientos I and II in south Texas, adding 402 megawatts (MW) to the company’s renewable energy profile. Because of their geographical location, approximately 120 miles south of Corpus Christi and 20 miles inland from the Gulf of Mexico, these projects will produce the majority of their power during the day, when peak power demand is highest. Duke Energy Renewables continues to expand its commercial wind and solar business and has already invested more than $2.5 Billion in the said industry.