Offshore Wind Power Line Wins Praise, and Backing
October 11, 2010
By Matthew Wald of the New York Times — Google and a New York financial firm have each agreed to invest heavily in a proposed $5 billion transmission backbone for future offshore wind farms along the Atlantic Seaboard that could ultimately transform the region’s electrical map.
Opponents and supporters of a wind power project at Woods Hole, Mass., earlier this year. Developers of a new Atlantic project say they hope their proposal will meet less opposition. The 350-mile underwater spine, which could remove some critical obstacles to wind power development, has stirred excitement among investors, government officials and environmentalists who have been briefed on it.
Google and Good Energies, an investment firm specializing in renewable energy, have each agreed to take 37.5 percent of the equity portion of the project. They are likely to bring in additional investors, which would reduce their stakes.
If they hold on to their stakes, that would come to an initial investment of about $200 million apiece in the first phase of construction alone, said Robert L. Mitchell, the chief executive of Trans-Elect, the Maryland-based transmission-line company that proposed the venture. Marubeni, a Japanese trading company, has taken a 10 percent stake. Trans-Elect said it hoped to begin construction in 2013. Read more