New York to invest USD 500m in offshore wind infrastructure

The state of New York will invest up to USD 500 million (EUR 441.7m) in offshore wind infrastructure to establish itself as the hub for offshore wind projects up and down the Eastern seaboard, governor Kathy Hochul announced on Wednesday as part of the 2022 State of the State.

The planned investment in ports, manufacturing and supply chain infrastructure will be paired with New York's third offshore wind procurement round, which will be launched by the New York State Energy Research and Development Authority (NYSERDA) in 2022. It is expected to deliver at least 2 GW of new projects, supporting the state’s goal of 9 GW offshore wind by 2035.

The plans build on 4.3 GW of offshore wind currently under development. The USD-500-million investment is expected to leverage private capital to reach over USD 2 billion in economic activity and to create 2,000 jobs.

The state will also start planning for an offshore wind grid capable of bringing at least 6 GW of offshore wind energy to New York City and launch a new Master Plan 2.0: Deep Water to unlock new borders for offshore wind development.

In addition, the steps included in the 2022 State of the State envisage updating New York State’s Energy Storage Roadmap to double deployment to at least 6 GW of energy storage by 2030.

The governor further intends to ask NYSERDA, the New York Power Authority (NYPA) and Empire State Development to turn New York State into a green hydrogen hub and compete for almost USD 10 billion in federal funding that will be available for green hydrogen research and development under the Infrastructure Investment and Jobs Act.

(USD 1 = EUR 0.883)

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