Nearly $8 billion in new US offshore wind market investments have been made since the passage of the Inflation Reduction Act (IRA) last summer, according to the Business Network for Offshore Wind (BNOW).
An estimated 90% of contracts in the US market in the second quarter of 2023 went to companies that are either headquartered or have a presence in the US. The IRA offers higher tax credits if major components are made in the US.
The country's first two commercial-scale offshore wind projects are currently under construction, with Ørsted and Eversource’s 132MW South Fork due online later this year.
“We are proud to say that we have steel in the water, steel in our factories, and steel in our shipyards today,” said Liz Burdock, CEO of BNOW.
“New contracts are signed daily with a vast majority going to small-and medium-sized American companies creating thousands of new jobs.
“With $7.7 billion in new U.S. offshore wind investments since the Inflation Reduction Act was signed into law, this is just the beginning. We will see many more factory openings, port revitalisations, and vessels under construction in the years to come.”
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