Infrastructure fund Homecoming Capital is to invest $50 million in Clean Energy Terminals (CET), for early-stage development of offshore wind port infrastructure on the US east and west coasts.
CET has identified a critical port infrastructure gap currently constraining the US offshore wind industry. The new-build and redeveloped ports would be used for manufacture, assembly, dispatching and maintaining of equipment. The west coast ports would service floating wind projects.
The company has identified more than 40 possible port sites in New Jersey, on the Gulf of Maine and along the California coast, CEO Brian Sabina told the Wall Street Journal. He said the California-based company is in talks with the relevant authorities and landowners.
The executives behind CET, Sabina and Jonathan Kennedy, were previously senior executives at the New Jersey Economic Development Authority, where they led the development and construction of the $1 billion-plus New Jersey Wind Port, the US’s first purpose-built offshore wind marshalling and manufacturing port facility.
“With the US targeting 110GW of [offshore wind] capacity by 2050, including 15GW of floating wind by 2035, demand for both port infrastructure and the capital required to build it has never been greater,” said Sabina.
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