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New York City Announces Plans to Invest in Offshore Wind

Offshore Wind, Capital Markets
October 1, 2021

The New York City Economic Development Corporation (NYCEDC), with the support of Mayor Bill de Blasio, has announced a plan called “Offshore Wind NYC” to invest over $191 million in New York City’s offshore wind industry. New York City has previously committed to use 100% clean energy by 2040 and to be carbon neutral by 2050, and New York City sees Offshore Wind as vital in this shift. Pursuant to the plan, New York City hopes to create jobs in the industry and become a leading destination in the industry.

The plan consists of three core elements: (1) Sites and Infrastructure, which will support the construction and operation of 12 GW of offshore wind; (2) Business and Workforce, which will train and prepare local workers and businesses in aspects of the offshore wind industry; and (3) Research and Innovation; which will promote innovation and the development of new technologies in New York City. The plan aims to enable New York City to support offshore wind projects all over the East Coast and to export new technologies around the world. The NYCEDC believes that the plan will generate 13,000 jobs, generate $1.3 billion in average annual development, and reduce 34.5 million tons of C02, which is equivalate of removing 50,000 cars off the road for 15 years.

Additionally, the plan ensures that 40% of the job and investment benefits are given to women and minorities and commits to creating jobs in neighborhoods that have been historically impacted by climate injustice. To facilitate this project, the NYCEDC will also create an Offshore Wind Industry Council which will be served by members from the community, including business and nonprofit leaders.

NYCEDC has already teamed up with Equinor, an offshore wind developer, to convert the South Brooklyn Marine Terminal into an offshore wind port. This collaboration will mean that the offshore wind industry will arrive in New York City in the next few years. The Empire Wind Project, an offshore wind farm on the outer continental shelf offshore New York to be operated by Equinor, will also establish a $5 million fund to ensure that low income populations, people of color, and communities impacted by climate injustice will share in the benefits of the industry.

Seward & Kissel LLP is a leading U.S. law firm experienced in maritime transactions. If you have any questions, please reach out to Michael Timpone (212) 574-1342, Keith Billotti (212) 574-1274, Ted Horton (212) 574-1265, Hoyoon Nam (212) 574-1640, or your Seward & Kissel relationship partner.

The opinions expressed are those of the author(s) and do not necessarily reflect the views of the firm or its clients, or any of its or their respective affiliates. This article is for general information purposes and is not intended to be and should not be taken as legal advice.


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