23 May 2017

US corporate law news weekly: Maryland awards offshore wind energy credits

On May 11, 2017, the Maryland Public Service Commission (PSC) awarded offshore wind renewable energy credits (ORECs) to US Wind, Inc. and Skipjack Offshore Energy, LLC, enabling the construction of 368 megawatts of capacity, projected to result in almost $2 billion of in-state spending, create almost 10,000 jobs, and contribute almost $75 million in state tax revenues over 20 years. According to the PSC’s press release, the award will further the PSC’s efforts to establish Maryland as a regional hub for the burgeoning wind energy industry.

These companies will be required to use port facilities in the greater Baltimore region and Ocean City for construction, operations and maintenance activities. A further condition of the award will require each developer to create opportunities for minority-owned companies to participate as investors as well as in the development and construction of the wind energy projects.

For more information, see http://www.psc.state.md.us/wp-content/uploads/PSC-Awards-ORECs-to-US-Wind-Skipjack.pdf

Category: Blog