Bracewell’s Martha Kammoun recently participated in the “Power Finance & Risk Offshore Wind Roundtable 2021.” Kammoun discussed key developments in the US offshore wind market over this past year, among other topics.
On financing, project development, equipment supply chains, and legal and regulatory issues, Kammoun highlighted:
“There are a couple of key developments I would focus on. One, just before the end of last year, the IRS issued Notice 2021-05 extending the continuity safe harbor for offshore wind to 10 years and citing various challenges typical to offshore wind, mainly around construction, permitting, the environment and transmission. Second, the Biden administration set an ambitious goal for offshore wind – 30 GW by 2030. We are also seeing similar goals at the state level, such as in New York for example. And finally, the Vineyard Wind financing. Vineyard Wind got their regulatory clearance and the closing of that financing is viewed by many industry players as a step forward.”