New York to Spend $500 Million to Fuel Boom in Offshore Wind

(Bloomberg) -- New York state will spend $500 million building up ports and manufacturing infrastructure for offshore wind farms in a bid to become home base for the nascent industry.

The investments announced Wednesday by Governor Kathy Hochul will focus on building the supply chain for offshore turbines, which can provide clean power to a densely populated coast with little room for onshore wind farms or solar power plants.

“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,” Hochul said in the statement.

New York also plans to initiate its next bidding process this year for companies interested in building offshore wind farms. The process is expected to authorize enough turbines to power 1.5 million homes. The state also will begin planning a seafloor cable network to deliver power from offshore turbines directly to New York City.

Nearby states have similar goals: In December, officials in Maryland and Massachusetts approved offshore wind farm projects that will use port facilities in both states as construction hubs.

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