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SouthCoast Wind’s value declines due to Trump’s opposition

February 28, 2025 — President Trump’s executive order on offshore wind continues to have impacts, with a parent company of SouthCoast Wind this week announcing to investors a more than $260 million reduction in the value of its North American portfolio, which includes three U.S. offshore wind projects. The action reflects the company’s assumption that the Trump administration may cause years of delays in offshore development.

In simple terms, the value of an offshore wind farm hinges on two factors: what the expected revenue will be, and when that revenue is expected to start coming in. Delays to when an offshore wind project comes online and starts generating electricity mean delayed revenue, which makes the asset worth less at present. That’s why the company announced the reduction in value, also known as an “impairment” or “write down.”

The parent company, EDP Renewables, told investors it assumed a four-year delay under the new administration as a worst-case scenario. However, this does not mean the project is adopting a four-year delay, as another news outlet erroneously reported. SouthCoast Wind plans to move forward to the degree it can, including finalizing an agreement (known as a power purchase agreement or PPA) at the end of March with Massachusetts to purchase the project’s power.

Read the full article at The New Bedford Light

Developer plans for possible 4-year delay for SouthCoast Wind offshore wind farm. What we know.

February 28, 2025 — The developer behind SouthCoast Wind is planning for the possibility of up to a four-year delay for the offshore wind farm that would supply power to Rhode Island and Massachusetts.

Ocean Winds, a joint venture between Portugal’s EDP Renewables and France’s ENGIE, confirmed to The Journal Thursday that it was writing down the value of the project by €267 million, or about $278 million, to account for the lost revenues that would result from delaying power production by four years.

The company said that it’s accounting for the possible delay, which would push the project’s operation date back from 2030 to 2034, because of uncertainties caused by the executive order signed last month by President Trump that aims to curtail offshore wind development in America by stopping new leases to ocean waters and reviewing permits for projects already underway.

Read the full article at The Providence Journal

SouthCoast Wind deal deadline pushed to end of March

January 22, 2025 — Gov. Dan McKee’s newly unveiled fiscal 2026 budget touts Rhode Island as a “key player” in the offshore wind sector, citing the state’s intent to buy 200 megawatts of wind-powered electricity from a wind farm planned off the coast of Martha’s Vineyard.

But Rhode Island’s utility company hasn’t actually inked the deal with the SouthCoast Wind developers. In fact, the deadline to sign the contract has been pushed back again, with negotiations between Rhode Island Energy and the wind project developer now expected to wrap up by March 31, according to an updated timeline posted on the state’s offshore wind procurement website.

When Rhode Island Energy unveiled its tentative power purchase agreement with SouthCoast Wind developers in September, it pegged Dec. 31 as the deadline to seal the deal. Then, the deadline was moved to Jan. 15.

On Thursday, Jan. 16, Rhode Island Energy again announced a delay in the contract signing.

“The revised schedule aligns with the negotiations SouthCoast Wind is concurrently having with the Massachusetts electric distribution companies,” the company stated in a post on the wind procurement website.

Read the full article at the Rhode Island Current

MASSACHUSETTS: Two Mass. offshore wind projects postpone contracts until after Trump takes office

January 21, 2025 — The signing of contracts for two new Massachusetts offshore wind farms, previously set for this week, has been postponed until after the presidential inauguration.

The power-purchase agreements between three Massachusetts utilities and the developers of New England Wind 1 and SouthCoast Wind were due to be signed Wednesday.

The parties now say they expect to reach an agreement by March 31, more than two months after the inauguration of President-elect Donald Trump, who has vowed to halt offshore wind.

One of the utilities, National Grid, sent a letter to the Healey administration saying the developers, Avangrid and Ocean Winds, “have not yet completed their contract negotiations.”

Read the full article at CAI

Biden Administration approves SouthCoast Wind construction plan

January 21, 2025 — On the last business day of the Biden administration, a federal agency announced its approval of the construction and operations plan for SouthCoast Wind, a big offshore wind project that Massachusetts is counting on.

“We are proud to announce BOEM’s final approval of the SouthCoast Wind project, the nation’s eleventh commercial-scale offshore wind energy project, which will power more than 840,000 homes,” U.S. Bureau of Ocean Energy Management Director Elizabeth Klein said in a Friday statement.

“We are proud to announce BOEM’s final approval of the SouthCoast Wind project, the nation’s eleventh commercial-scale offshore wind energy project, which will power more than 840,000 homes,” U.S. Bureau of Ocean Energy Management Director Elizabeth Klein said in a Friday statement.

Read the full article at the New Bedford Light

‘Much uncertainty.’ Cape, Mass. leaders see political shifts that may slow offshore wind

January 6, 2025 — The future of offshore wind is at a pivotal point this year, marked by a mix of determination and uncertainty.

On Dec. 20, the Biden-Harris administration granted final approval for SouthCoast Wind, the eleventh offshore wind project it has approved. With up to 141 turbines and the potential to generate 2.4 gigawatts of electricity, the SouthCoast Wind project, in a federal lease area south of Martha’s Vineyard and Nantucket, is a key part of the region’s clean energy goals steadfastly promoted by Gov. Maura Healey, and many legislators and environmental advocates.

But the incoming Trump-Vance administration could dramatically alter the regulatory and financial landscape for offshore wind. Their less favorable stance toward the industry raises concerns about the pace of future projects and the viability of less mature proposals. This is especially true for the Gulf of Maine lease areas, where the federal Bureau of Ocean Energy Management has provisionally awarded four of eight lease areas to Avangrid Renewables and Invenergy NE Offshore Wind, including due east of Cape Cod.

Local concerns and political shifts

Those who have voiced concerns about offshore development, meanwhile, say a cooler federal stance on offshore wind would be welcome. Many critics, particularly on Cape Cod, say the offshore wind industry is advancing too quickly without adequate consultation with those who will be most affected — local residents, fishermen, and coastal communities.

Susanne Conley, a Barnstable resident who’s a leader of the Save Greater Dowses Beach citizens group, advocates for a reevaluation of offshore wind policy. While she supports the transition to renewable energy, she believes the Biden-Harris offshore wind program should be halted, particularly in light of what she perceives as insufficient baseline environmental data “to understand the effect of these massive projects on the fisheries, on all ocean life, and on coastal communities.”

Read the full story at The Standard-Times

BOEM Publishes Final SouthCoast Wind Impact Statement

November 29, 2024 — The federal Bureau of Ocean and Energy Management (BOEM) recently published the final Environmental Impact Statement (EIS) for the 147-turbine SouthCoast Wind project off the coast of Martha’s Vineyard.

Southcoast Wind’s offshore turbines will primarily be visible off the coast of Nantucket, but the company’s pathway to profitability relies in part on permitting from the state of Rhode Island. The company plans to run a transmission cable through the state’s coastal waters, up the Sakonnet River, over Portsmouth’s Common Fence Point, and across Mount Hope Bay to Brayton Point in Somerset, Massachusetts.

The 491-page EIS document delves into details about the project’s anticipated impact on everything from fisheries and whales to underwater archaeological sites of cultural significance. It also includes a “finding of adverse effect” on nine historic locations, including two historic sites with ocean views on Nantucket and in Falmouth, Massachusetts.

Read the full article at the Newport Daily News

MASSACHUSETTS: Town Turns Its Attention To Next Wind Farm On The Horizon: SouthCoast Wind

November 18, 2024 — Even as the town continues to address the fallout from the July 13th blade failure at Vineyard Wind, it is now turning its attention to the next offshore wind farm slated to be built in the waters off Nantucket.

SouthCoast Wind is a 2,400 megawatt offshore wind project slated for an area approximately 23 miles southwest of the island consisting of 149 wind turbines, each standing 1,066 feet tall – even higher than Vineyard Wind’s turbines which are 853 feet tall. The project recently secured key state permits and completed an environmental review by the federal government.

The final environmental impact statement for SouthCoast Wind released by the federal Bureau of Ocean Energy Management (BOEM) concluded that the visibility of SouthCoast Wind’s turbines “would have long-term, continuous, and moderate impacts on the Nantucket Historic District.”

The town is already objecting to SouthCoast Wind’s proposed mitigation efforts – just $150,000 for historic property surveys and archeological assessments – to limit the impact of the offshore energy development on the island.

Read the full article at Nantucket Current

SouthCoast Wind clears federal environmental hurdle

November 13, 2024 — A 147-turbine offshore wind project planned off the coast of Martha’s Vineyard will not harm local species and habitat any more than climate change already is, according to a federal review published on Friday.

One exception: North Atlantic right whales, which could face “moderate adverse” direct and indirect impacts from the SouthCoast Wind project that would not otherwise exist, according to the U.S. Bureau of Ocean Energy Management’s report. The report specifically named vessel noise as potentially disruptive to marine mammals, especially fin and endangered right whales. However, it does not link these disruptions to whale deaths, a contention which has been largely debunked by scientists, including within the federal government. 

“There is no relationship between offshore wind and dead whales,” said Bob Kenney, an emeritus marine research scientist at the University of Rhode Island Graduate School of Oceanography.

The 2,400-page environmental impact statement on SouthCoast Wind marks a significant step — though not the final sign off — in the multilayered, multi-step regulatory process governing offshore wind. Project developers are still awaiting federal approval on a construction and operations plan — a date for which has not been set — alongside a host of state-level reviews, including several in Rhode Island.

Read the full article at the Rhode Island Current

RHODE ISLAND: Rhode Island will ramp up on offshore wind as part of a massive project with Massachusetts

September 9, 2024 — Rhode Island is set to ramp up its supply of offshore wind power with the announcement Friday that the state is will procure 200 megawatts of capacity from a much larger project that would send most of its electricity to Massachusetts.

The 1,278-megawatt total project, known as SouthCoast Wind, would be the largest offshore wind farm to be built so far in the Atlantic Ocean waters off Massachusetts and Rhode Island.

Rhode Island would take only a small portion of the project’s power capacity, with the vast majority – 1,078 megawatts – going to Massachusetts.

Read the full article at The Providence Journal