New Energy World Network: Connecting Investors, Innovators & Deal-Makers worldwide

Essential industry insights

cleantech --- renewables --- sustainability

Advanced
Search

NRG puts offshore wind ‘on hold’ in major setback to US developments

13 Dec 2011

Power generation business NRG Energy has put on hold its development work in offshore wind in a major setback to getting any development in the space in the US off the ground.

NRG said it had failed to find an investment partner for its subsidiary and lead developer of the Mid-Atlantic Wind Park, Bluewater Wind, and intends to terminate the projects 200MW power purchase agreement with the Delmarva Power & Light Company at the end of the year.

David Crane, president and CEO of NRG said, ‘Our people have worked hard and we’ve made a considerable financial investment in the wind park, but that effort cannot overcome the difficult and unfortunate realities of the current market. We’re not giving up, but at this moment we can’t rationally justify further investment in this project without the prospect that it can move forward within a reasonable timeframe.’

NRG first acquired Bluewater Wind in November 2009 and the Mid-Atlantic Wind Park was in line for a Department of Energy loan guarantee.

But it said a little more than two years later the outlook for offshore wind and the Delaware project had ‘changed dramatically’.

A major part of developing the wind park was finding an investment partner and it said that after having approached two dozen prospective investors it could not sure the necessary funding.

A statement by the company said, ‘. If and when market conditions improve and the company is able to find partners, NRG will look to deploy the Wind Park and explore other viable offshore wind opportunities in the north-east.’

Copyright © 2011 NewNet

 

 

Tags: , , ,


Related Posts


Leave a Reply

You must be logged in to post a comment.

Legals & Terms of UsePrivacy & Cookies Policy

NewNet is a trading name of New Energy World Network Ltd, registered in England (No. 06695690).
Registered Office: Zetland House, 5-25 Scrutton St, London EC2A 4HJ
Content is © New Energy World Network (NewNet) 2008-2014