Clean energy sector to invest $65bn in US offshore wind by 2030

 

 

The clean energy sector is projected to invest $65bn in US offshore wind projects by 2030, which will support 56,000 jobs, according to a new report by the American Clean Power Association (ACP).

The ACP said in its 2024 Offshore Wind Market Report that there were currently 12GW of projects with active offtake agreements, including 4GW under active construction at Vineyard Wind, Revolution Wind, and Coastal Virginia Offshore Wind.

Across 37 leases in the U.S., there are currently 56GW of capacity under development, enough electricity to power the equivalent of 22m homes.

According to the ACP, market analysts forecast that there will be 14GW of offshore wind deployed by 2030, 30GW by 2033, and 40GW online by 2035. These outlooks build on the 7.6GW of offshore wind projects seeking to be operational by the end of 2027.

The new report also pointed out the economic impact of offshore wind on domestic US shipbuilding, port infrastructure, and other supply chain activities such as more than 40 new vessels currently on order – 28 CTVs, seven SOVs, two different types of installation vessels, two tugs, and two barges to support offshore wind operations and maintenance.

The industry committed a record $3bn of supply chain investment in 2023 alone, with total infrastructure investment announcements now exceeding $9bn.

State solicitations could award procurement contracts for an additional 8.8-12.2GW of offshore wind projects in the second half of 2024, all located off the Northeast coast. States with ongoing or upcoming solicitations include New Jersey, New York, Massachusetts, Rhode Island, and Connecticut. New Jersey has the most offshore wind capacity under contract with 5,252MW while Virginia has the most offshore wind capacity under construction with 2,587MW.

The US Bureau of Ocean Energy Management (BOEM) plans to hold four lease sales in the second half of 2024 in the Central Atlantic, Oregon, the Gulf of Maine, and a second Gulf of Mexico lease sale and open nearly 7,700 sq km of federal waters to offshore wind development. This could lead to more than 20GW of future clean power generation capacity.