Market

U.S. set to approve first major offshore wind farm – sources By Reuters

© Reuters. FILE PHOTO: U.S. President Joe Biden gestures as he delivers remarks on the April jobs report from the East Room of the White House in Washington, U.S., May 7, 2021. REUTERS/Jonathan Ernst

(Reuters) – The Biden administration is on Tuesday set to approve the first major U.S. offshore wind farm, the Vineyard Wind project off the coast of Massachusetts, according to two sources with knowledge of the process.

Final approval will be announced by the Department of Interior, which hopes to launch a new domestic energy industry along the U.S. East Coast that will help create jobs and reduce reliance on fossil fuels.

Vineyard Wind, a joint venture between Avangrid (NYSE:) Inc, a unit of Spain’s Iberdrola (OTC:), and Denmark’s Copenhagen Infrastructure Partners, is expected to power to more than 400,000 Massachusetts homes once its turbines are installed 15 miles (24 km) off shore.

In March, the Biden administration unveiled a goal to deploy 30 gigawatts of offshore wind energy by 2030 by opening new areas to development, accelerating permits and boosting public financing for projects.

The Trump administration had canceled the Vineyard Wind permitting process late last year, but Biden has made clean energy a key component of his climate agenda and had promised to quicken the approval process.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Most Related Links :
newsbinding Governmental News Finance News

Source link

Back to top button