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New York to spend USD 500 million on offshore wind infrastructure

Last Updated on 08th January 2024

Governor Kathy Hochul said on Wednesday that the state of New York will invest up to USD 500 million in offshore wind infrastructure to establish itself as a center for offshore wind projects up and down the Eastern seaboard as part of the 2022 State of the State address.


The projected investment in ports, manufacturing, and supply chain infrastructure will coincide with the start of the New York State Energy Research and Development Authority's (NYSERDA) third offshore wind procurement round in 2022. It is expected to deliver at least 2 GW of new projects by 2035, helping the state meet its objective of 9 GW of offshore wind.


The plans are based on the existing development of 4.3 GW of offshore wind. The investment of USD 500 million is intended to leverage private capital to generate approximately USD 2 billion in economic activity and 2,000 employment.


In addition, the state will begin planning for an offshore wind system capable of supplying at least 6 GW of offshore wind energy to New York City, as well as a new Master Plan 2.0: Deep Water to open up new offshore wind development borders.


Furthermore, the initiatives outlined in the State of the State for 2022 include upgrading New York State's Energy Storage Roadmap to increase deployment to at least 6 GW by 2030.


The governor also plans to ask NYSERDA, NYPA, and Empire State Development to help turn New York State into a green hydrogen powerhouse and compete for over USD 10 billion in federal funds for green hydrogen research and development under the Infrastructure Investment and Jobs Act.


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