DNV, the global assurance and risk management firm, is performing due diligence to facilitate financing for 13GW of offshore wind projects along the US Atlantic coast. This effort aligns with the organization's findings in its Energy Transition Outlook 2024 report, which estimates around 10GW of fixed offshore wind installations in the US between 2040 and 2050, despite recent industry challenges and tempered growth forecasts.
The projects under DNV's scrutiny represent a potential 9% boost in US wind power capacity if successfully implemented. DNV's Høvik, Norway-based team is coordinating with US financial stakeholders, employing a rigorous, evolving methodology to support timely financing. This approach has previously secured funding for a range of renewable projects across North America, spanning wind, solar, transmission, and energy storage sectors.
A key component of DNV's strategy is its local expertise in US project finance structures that have developed since the passage of the Inflation Reduction Act (IRA). Many stakeholders in US offshore wind development rely on DNV's US-based insights, especially for navigating financing intricacies under evolving regulations and tax benefits from the IRA. According to Richard S. Barnes, DNV's North America energy systems president, “So far, three of the eight offshore wind projects we're involved with have reached a final investment decision and the balance is making rapid progress towards this milestone.” Barnes added that success in financing offshore wind initiatives depends on managing complex installation schedules and mitigating risks in vessel availability and supply chain logistics.
DNV's specialized US offshore wind team has a track record in providing extensive assessments for offshore development projects, including those awarded in California's 2022 auction. This team works closely with DNV's global network, which has reviewed over 50GW of offshore wind capacity. Through a “full lifecycle approach to managing risks and reducing costs,” the company aids in improving performance and ensuring reliable risk assessment at all project stages.
See Also
- Wood Mackenzie Report Highlights Top BESS Integrators and Emerging Challenges
- US Set to Surge with 619 GW of Clean Energy and Storage by 2030, BloombergNEF Predicts
- U.S. Power Grids Face Summer Strain, Warns Reliability Organization
- Shizen International, Inmark Asset Management, and Dohwa Engineering form JV to develop renewable energy projects in South Korea
- Orsted Americas CEO David Hardy to Join GE Vernova as Wind Division CCO
