November 9, 2015 — Two energy firms will spend more than $1.8 million to potentially develop wind farms in federal waters off the coast of New Jersey, officials announced Monday.

The companies — RES America Developments and U.S. Wind Inc.— won the rights in a lease auction on Monday. Combined, the firms bought up leases for nearly 344,000 acres of space, the Department of Interior announced.

If the area is fully developed, the Department of Energy predicts it could provide enough electricity to power 1.2 million homes.

In a statement, officials said the lease sale is designed to spur renewable energy development under President Obama’s climate agenda. Interior Secretary Sally Jewell called the sale a “major step in standing up a sustainable offshore wind program for Atlantic coast communities.”

“We are pleased to see continued commercial interest in the offshore wind industry, as demonstrated by today’s lease sale,” Bureau of Ocean Energy Management Director Abigail Ross Hopper said in a statement.

Read the full story at The Hill