A new wind project will create hundreds of Rhode Island jobs.
Deepwater Wind was recently chosen as the developer to construct a wind energy project off the shores of Rhode Island. The project is expected to create 800 new Rhode Island jobs with annual wages of $60 million. The company has pledged a private investment of $1.5 billion to the local economy, according to an article by Market Watch. A wind project also was recently approved in New Jersey.
The project by Deepwater Wind was chosen out of seven proposals. The energy project will result in a facility that can provide 1.3 million megawatt hours per year of renewable energy, which amounts to about 15 percent of all electricity used in the state. The project is expected to cost more than $1 billion to construct, with funds coming from private investors.
The exact location of the project has not yet been decided, and should be determined from the results of a Special Area Management Plan process. Final approval of the project is contingent on regulatory approvals from state and local governments.
"Today marks a major step to bring wind power to Rhode Island and to reach our goal of at least 15 percent of all electricity in the state be renewable energy," Governor Donald L. Carcieri said in the article. "Of the many forms of renewable energy alternatives available, wind is the proven leader. Wind power is clean, green power that is not subject to variations and increases in fuel price. Rhode Island is uniquely positioned to lead the nation with the development of this country's first off shore wind farm.
Deepwater Wind was established to develop utility-scale offshore wind projects in the northeastern part of the United States. So far, the company's major investors include FirstWind, a developer of on-shore wind projects; D.E. Shaw & Co., a capital investment firm with experience in the energy sector and Ospraie Management, an asset management firm with a focus on alternative energy.