An lawyer representing Invenergy informed the New Jersey Board of Public Utilities in a Friday filing that the corporate’s 2.4-GW offshore wind undertaking, Main Gentle Wind, is canceled.
Invenergy “has decided it can not transfer ahead with the undertaking beneath the phrases and circumstances set out” when the BPU awarded it offshore wind renewable power certificates in January of final yr, the submitting stated. Invenergy “regrets this resolution … and appears to the longer term for attainable solicitations.”
“The [BPU] is properly conscious that the offshore wind business has skilled financial and regulatory circumstances which have made the event of recent offshore wind power tasks extraordinarily tough,” the submitting stated.
Invenergy says it’s North America’s largest privately-held developer, proprietor and operator of fresh power options, with 36 GW of tasks beneath its belt. Main Gentle Wind was being developed off the coast of New Jersey and was set to grow to be operational in 2030.
The submitting cites monetary, provide chain and regulatory obstacles as causes the undertaking is not viable. Invenergy and the undertaking’s co-sponsor, energyRe, sought a number of delays from the BPU as they failed to satisfy submitting deadlines because of points like an incapability to discover a turbine provider, it stated.
Invenergy was granted a keep final September, then prolonged that keep three extra occasions earlier than submitting about its intention to desert the undertaking.
In its Might submitting, Invenergy stated that “given ongoing market and coverage uncertainty, Main Gentle Wind will proceed to give attention to assembly its lease obligations.” The Friday submitting stated the corporate since concluded that it doesn’t see a path ahead for doing so.
“The Firm has invested appreciable time and monetary assets within the growth of [Leading Light Wind] and stays firmly of the view that [Leading Light Wind], and offshore wind power growth, can present vital advantages to New Jersey and its residents,” the submitting stated.
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