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New York US federal tax regulators and Congress have been addressing offshore wind industry needs to make tax equity financing more efficient, while the Department of Energy revamps its loan program to make $3 billion available to help build the offshore wind industry, experts said April 8.
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Tax equity investments have become popular in the US as a way to finance renewable energy projects, with $13 billion made in 2019, Scott Zimmermann, partner with law firm Wilson Sonsini Goodrich & Rosati, said during a webinar about offshore wind supply chain opportunities and challenges.
What New York’s Offshore Wind Expansion Could Mean For Your Electricity Bill, Curbing Emissions, And Your Health
arrow Three wind turbines off Block Island in Rhode Island on August 15th, 2016. President Joe Biden wants to expand wind energy off the shores of New Jersey and New York. Michael Dwyer/AP/Shutterstock
New York is on track to become a centerpiece for the nation’s offshore wind industry after President Joe Biden announced last week that the waters off the coast of Long Island and New Jersey the New York Bight would be a designated wind energy area.
The president’s commitment, in which the federal Bureau of Ocean Energy Management (BOEM) sets aside more areas of the ocean to lease for offshore wind development, effectively makes it possible for New York to achieve its climate action goals, which the state codified two years ago in landmark legislation. By 2035, the state aims to produce 9 gigawatts of offshore wind energy under its Climate
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Harris, who appointed to the post in acting capacity from Alicia Barton last June, was previously vice president of large-scale renewables at the authority.
“We have witnessed Doreen’s unparalleled leadership and passion for clean energy for more than ten years at NYSERDA through her strategic approach to developing and executing on some of the largest clean energy initiatives in the nation,” said board chair Richard Kauffman.