Baltimore-based offshore wind developer US Wind Inc. is commending the introduction of federal legislation that would extend tax credits for offshore wind development that were initially set to expire this year.
The new legislation includes the:
- Offshore Wind Incentives for New Development Act, introduced by Senators Markey (D-MA), Whitehouse (D-RI), and Congressman Jim Langevin (RI-02)
- Incentivizing Offshore Wind Power Act, introduced by Senators Carper (D-DE) and Collins (R-ME) would extend the federal Investment Tax Credit (ITC) at 30% of the project’s total value for six years and eight years, respectively.
“As the developer of what will be one of the largest commercial offshore wind energy projects in the nation, we applaud these congressional leaders for their vision and determination to incentivize this emerging new clean energy sector in the United States,” said Riccardo Toto, president of US Wind Inc.
US Wind is currently planning its Maryland project, which is expected to be operational during 2023. The offshore wind farm will include the installation of up to 32 wind turbines, about 17 miles off the coast of Ocean City. It is expected to produce 268 MW of offshore wind power, an amount sufficient to provide 76,000 Maryland homes with clean, renewable energy.
“There is no disputing the significant economic benefits that offshore wind represents for local economies and the environment, while generating tens of thousands of high-paying skilled jobs and providing clean energy power to hundreds of thousands of households,” added Toto.
It is anticipated that the US Wind project will result in the creation of approximately 7,000 direct and indirect jobs and represent an in-state investment of nearly $1.5 billion.