Financing Wind
‍Offshore

The Biden administration has pushed hard to develop a pipeline of offshore wind projects to hit its target of 30GW of installed capacity by 2030. However, the industry could still fall well short of this as developers struggle with rising costs, slow development of the supply chain, and questions over grid infrastructure. In this opening session, we will reflect on where the industry goes after recent highs and lows.

• Has the Inflation Reduction Act bolstered US offshore wind plans?
• Should US offshore wind firms be worried about the 2024 election?
• Should we be worried about projects failing to reach financial close?
• How big an impact has energy turmoil had on offshore wind projects?

This discussion will look in greater depth at some of the practical challenges that need to be overcome to enable the US to make good on its offshore wind promise. Developers will only be able to hit their project deadlines if the US has the right supply chain, workforce, vessels, ports and transmission infrastructure. Potential areas for discussion include:

• How much progress has there been on coordinated plans for transmission?
• Do turbine makers have the confidence they need to start building factories?
• How can the industry ensure it can access the vessels and ports it needs?
• Should we be worried about recent headlines related to whale deaths?
• Are we seeing enough investment in workforce training? What is needed?

This will be an interview with one of the leading lights of offshore wind in North America and an opportunity to understand what is required to take the offshore wind industry to the next level and on the path of reaching its full potential.

Interviewer: Adam Barber, CEO, Tamarindo

• What are the emerging market trends and their impact on M&A strategies
• How are government policies and regulations in shaping M&A dynamics
• What are some strategies for successful offshore wind M&A transactions
• Negotiating deal terms in a rapidly evolving industry landscape
• What are the current legal and regulatory considerations in Offshore Wind M&A
• How to address integration challenges in terms of cultures, technologies, and operations
• Differences in buying development companies vs. projects and whole cost vs. minority stake sales

This panel will enable us to get into greater detail about the financial terms involved with US offshore wind projects. Potential areas for discussion could include:

• How important is it for banks and others to see Vineyard Wind 1 operational?
• How are deal structures in the US offshore wind sector going to evolve?
• What role will tax equity and ECA play in the financing of US offshore wind?
• Has the IRA opened up new ways of investment or brought in new investors?

This session will discuss where the next opportunities for offshore wind in the US lies and how much of a role floating wind will play.

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10 mins Scene Setting Presentation: What are the possibilities? 

Masha Koleva, Researcher III-Chemical Engineering, NREL

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Panel discussion

This panel will enable us to look in greater detail about the potential to develop offshore wind projects with hybrid technologies such as green hydrogen production or battery storage. The IRA has sought to put the US at the forefront of the emerging green hydrogen and storage sectors, so in this discussion we will consider the links between these and offshore wind.

• How seriously are developers considering pairing offshore wind with green hydrogen or other green fuel production in US waters?
• Why should OSW developers consider battery storage for their schemes?
• Are US offshore wind developers considering battery storage for their schemes?
• Are these technologies vital to unlock additional profitability and revenue streams at offshore wind assets in a fast-evolving market? Or do they simply introduce a new element of risk that makes them difficult to finance in the current economic climate?
• How can states reduce risk for developers?