2.4-GW New Jersey offshore wind project canceled by developer

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 mission, Main Mild Wind, is canceled.

Invenergy “has decided it can not transfer ahead with the mission below the phrases and circumstances set out” when the BPU awarded it offshore wind renewable vitality certificates in January of final yr, the submitting stated. Invenergy “regrets this choice … and appears to the longer term for attainable solicitations.”

“The [BPU] is effectively conscious that the offshore wind business has skilled financial and regulatory circumstances which have made the event of recent offshore wind vitality initiatives extraordinarily troublesome,” the submitting stated.

Invenergy says it’s North America’s largest privately-held developer, proprietor and operator of unpolluted vitality options, with 36 GW of initiatives below its belt. Main Mild Wind was being developed off the coast of New Jersey and was set to develop into operational in 2030. 

The submitting cites monetary, provide chain and regulatory obstacles as causes the mission is not viable. Invenergy and the mission’s co-sponsor, energyRe, sought a number of delays from the BPU as they failed to satisfy submitting deadlines as a result of points like an lack of ability to discover a turbine provider, it stated.

Invenergy was granted a keep final September, then prolonged that keep three extra instances earlier than submitting about its intention to desert the mission.

In its Could submitting, Invenergy stated that “given ongoing market and coverage uncertainty, Main Mild Wind will proceed to deal with 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 sources within the improvement of [Leading Light Wind] and stays firmly of the view that [Leading Light Wind], and offshore wind vitality improvement, can present vital advantages to New Jersey and its residents,” the submitting stated.