New York Wants Offshore Wind Installations to Power Green Energy Buildup
Supporters of two offshore wind projects in development off Long Island say they will spark a wave of investment to make the Empire State a leader in renewable energy development.
Resilience financing expert Alan Rubin, a partner with Blank Rome LLP, said that bonds will likely play a big role in funding much of the two wind projects. The bonds would need to be approved by public referendum, which Rubin said would likely face little trouble if the proposed borrowing is reasonable because many people across New York are grappling with extreme weather and energy challenges.
“Climate is a major factor and everyone experiences it directly,” said Rubin of why a ballot measure for a renewable energy project would likely receive strong support. “People are experiencing the issue and they are looking for a solution.”
Rubin said it will be vital for the state and federal government to fund large portions of the projects and provide incentives to get the private sector involved in order to keep borrowing costs in line. He noted that higher costs that will face ratepayers as the state gears up for wind and other alternative energies will also create obstacles toward a smooth execution of Cuomo’s goal.
“It will have to be done incrementally,” Rubin said. “It can’t be cost prohibitive in the beginning.”
"New York Wants Offshore Wind Installations to Power Green Energy Buildup," by Andrew Coen was published in The Bond Buyer on July 26, 2019.