Companies looking to develop wind turbine projects must negotiate contracts with utilities companies to provide them with power. SouthCoast Wind, a developer planning to build a wind turbine farm about 30 miles south of Martha’s Vineyard, procured contracts to supply power in Massachusetts in 2020 and 2021. SouthCoast Wind revealed its plans to withdraw from its original contracts earlier this summer, saying in a filing with the Rhode Island Energy Facility Board that the project was no longer viable under the terms they had already negotiated with state utility companies and that they planned to bid for new contracts during the current round of offshore wind procurement.
In written testimony to the board, CEO Francis Slingsby said the company has concluded that the sale prices in the contracts are too low to attract financing.