Could Wind Energy Be the Engine to RI's Economic Boon?

GoLocalProv Business Team

Could Wind Energy Be the Engine to RI's Economic Boon?

 

The economic engine that could help revive the Rhode Island economy may already have located to the state. The wind energy market is currently estimated to reach $250 billion globally by 2020. 

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On Tuesday night, a group of leading experts discussed the “Business of Wind” at an event hosted by ReNewable Now in Partnership with Arpin Group and Cardi’s Furniture.

Recently, Slate magazine published a feature on the emerging wind industry titled, “Meet America’s First Offshore Wind Farm.” The piece highlights the efforts and success of Rhode Island’s Deepwater Wind. The RI-based Deepwater is the leading force in the U.S. in developing a comprehensive offshore wind project.

Panel discussed projects ranging from Deepwater to West Warwick
The sold-out event included Miles Grant of the National Wildlife Federation, Jeff Grybowski of Deepwater, Hannah Morini of Wind Energy Development and others. 

 

Major Offshore Projects

Deepwater is now developing its first project off of Block Island — Deepwater Wind Block Island. In March, it closed financing on more than $290 million in project financing provided by Mandated Lead Arrangers Societe Generale of Paris, France, and KeyBank National Association of Cleveland, Ohio.  In describing the complexity of the project Grybowski said the towers are, “twice the height of the Statue of Liberty - 600 feet tall.”

In contrast to Deepwater's success, Robert Whitcomb, author of the book “Cape Wind” outlined some of the failures of the proposed Cape Wind project that has faced massive political and financial objection from a range of powerful forces over nearly two decades including one of the Koch brothers (William), Walter Cronkite and Senator Ted Kennedy.

As the New York Times reported in 2013, "Mr. Koch, a billionaire industrialist who made his fortune in fossil fuels and whose better-known brothers underwrite conservative political causes, has been fighting the wind farm, called Cape Wind, for more than a decade, donating about $5 million and leading an adversarial group against it. He believes that Cape Wind’s 130 industrial turbines would not only create what he calls “visual pollution” but also increase the cost of electricity for everyone."

On Tuesday, Denmark’s DONG Energy A/S, a global offshore wind developer, announced that it is looking to build in an area 15 miles south of Martha’s Vineyard. Today, the Cape Wind project has limited viability.

"Reports of Cape Wind's demise are not only greatly exaggerated, but they are also patently false," explained Dennis Duffy, vice president of regulatory affairs for CapeWind, the embattled 468 MW offshore wind project proposed off the coast of Nantucket Island, Mass, according to an October article in North American WindPower. "Duffy notes, adding that the company recently filed appeals with the D.C. Court of Appeals in September relating to claims from the Alliance to Protect Nantucket Sound that the federal government improperly approved the project."

 

ReNewable Now event was sold-out
West Warwick Project

In addition to the megawind offshore projects like Deepwater, the discussion hosted by ReNewable Now also highlighted the effort in West Warwick. The Town Manager Fred Presley outlined and highlighted the effort to create a sustainable municipal energy source in one of Rhode Island’s poorest communities.


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