ABB_id2059
in News Departments
print the content item

Princeton, N.J.-based NRG Energy Inc. has acquired Bluewater Wind, an offshore wind development businesses, from Babcock & Brown and Arcadia Windpower. The transaction was funded with cash on hand, for an undisclosed sum.

"As public policy trends toward ever-increasing renewable portfolio standards at the state and federal levels, each region of the country will seek to comply with projects that tap the best renewable resource from within that region," says David Crane, president and CEO of NRG Energy. "There is no doubt that offshore wind is the highest-potential renewable resource proximate to the population centers along the eastern seaboard of the United States."

Bluewater is currently working on more than seven offshore projects in the Northeast, including in Delaware and New Jersey, that are in advanced stages of development. Bluewater has a 25-year, 200 MW power purchase agreement (PPA) with Delmarva Power & Light Co. that has been approved by the Delaware Public Service Commission and other state agencies.

In New Jersey, the company is one of three preferred developers awarded a $4 million rebate from the state to build a meteorological tower for offshore projects. Bluewater also has proposed several offshore wind projects in other Northeast locations.

Bluewater's existing development team will become NRG employees, working out of Bluewater's office in Hoboken, N.J. The company's president and founder, Peter Mandelstam, will remain president of Bluewater Wind and also serve as head of NRG's offshore wind development efforts.

SOURCE: NRG Energy Inc.

Hybrid Energy Innovations 2015

Trachte_id2056
Latest Top Stories

The Song Remains The Same: AWEA Says Stable Policy Can Protect U.S. Wind Investment

Although the U.S. wind industry added more than four times the amount of wind in 2014 compared with 2013, predictable policy is needed to sustain its long-term success.


High Net-Worth Investors Claim 'All Of The Above' On Energy, Renewable And Otherwise

According to a recent Morgan Stanley poll, high-dollar investors favor investment in renewable energy technologies, such as wind and solar.


U.S. Wind Power Installations Surpassed 4.7 GW Last Year, Although China Still Leads

Bloomberg New Energy Finance reports that U.S. wind installations came back in a big way from a disappointing 2013.


IRS Specifies Performance, Quality Standards For Small Wind Turbines

The Internal Revenue Service (IRS) recently issued guidelines creating safety and performance standards for small wind turbines to be eligible for the 30% investment tax credit.


Hot Times North Of The Border: Canada Tops Previous Record For Installed Wind Capacity

For the second consecutive year, Canada's wind market has bested the country's previous mark for new installations.

Hybrid Energy Innovations 2015