NY Plans $500m Offshore Wind Supply Chain Spend

New York Governor Kathy Hochul has pledged to spend $500m to develop the state’s offshore wind supply chain and offshore grid.

The cash will be used on “critical offshore wind infrastructure” including ports, manufacturing, and supply chain infrastructure needed to advance its offshore wind industry.

The $500m will levere private capital to deliver more than $2 billion in economic activity while creating more than 2000 jobs, said Hochul.

Hochul also said her administration is backing an offshore wind grid able to deliver at least 6GW of offshore wind energy directly into New York City.

Meanwhile, the state will launch its next offshore wind procurement via NYSERDA for 2GW of new projects later this year.

NYSERDA will couple this procurement with the $500 million offshore wind infrastructure investment to obtain maximum leverage for New York.

"With this investment, New York will lead the nation on offshore wind production, creating green jobs for New Yorkers, and powering our clean energy future," Governor Hochul said.

"I am proud to make New York a leader in offshore wind and renewable energy. We must harness the potential of offshore wind to fuel our economy forward and meet our ambitious climate goals."

Hochul also pledged to launch an Offshore Wind Master Plan 2.0 Deep Water “to unlock the next frontier of offshore wind development”.