USA: New Jersey Could Divert Offshore Wind Funds

State of New Jersey is a leading place for offshore wind development, since it has rather shallow waters and generous wind resources. However, the state now copes with certain financial issues regarding revenues that are targeted to offshore wind projects for generating electricity.

Fears have been raised among the developers that revenues could be diverted to handle the budget problems that New Jersey is facing.

As the NJspotlight news site says, the state is considering of hiring a consultant who would resolve the problem, which has delayed efforts to establish a financing mechanism to help the economic feasibility of the projects.

The offshore wind projects, worth over USD 1 billion, would not be financially supported by the banks if this problem is not solved.

[mappress]

Offshore WIND Staff, July 20, 2012