(Though, with Cape Wind’s project costs estimated at $2.5 billion and only about half of that secured so far, the DOE guarantee will cover only a small part of the final deal, though it could help leverage additional private funds.) After receiving all of its state permits earlier this year, Deepwater Wind is awaiting action from BOEM on a final permit. The Department of Energy also announced a $150 million conditional loan guarantee for the project. The fully-permitted Cape Wind project, which has faced years of litigation from well-financed opponents, won another round in a series of legal challenges, clearing the way for financing and construction. offshore wind market is poised for expansion. Over the past several months, a series of developments suggests the U.S. Is the rest of the world leaving the U.S.’s offshore wind industry behind for good? And yet the only operating offshore wind project in the United States is a small 1/8 scale demonstration turbine in Maine.
Growth isn’t limited to Europe: China has installed 428 MW since 2007 and Japan has deployed floating turbines near Fukushima. Offshore wind provides almost 1% of total power in Western Europe, about five times what solar generates in the U.S. During the past several years, Europe has installed about 2,000 offshore turbines (6,500 MW of offshore wind generation capacity), with capacity doubling since 2010.
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