The New Jersey Senate yesterday voted in favour of a new legislation that would allow Fishermen’s Energy to build its offshore wind farm off Atlantic City.
The new bill (S988) was introduced to the Senate on 4 February, after its predecessor (S2711), also approved by the Senate, had been dismissed by Governor Chris Christie last month.
Sponsored by senators Bob Smith and Jim Whelan, the bill requires New Jersey Board of Public Utilities (BPU) to provide new application periods for qualified wind energy projects.
Within 60 days of enactment into law, the bill would require New Jersey’s BPU to provide a 30-day period for the submission of applications for certain qualified wind energy projects and, later on, to provide a submission period from time to time, which may differ from the 30-day application period.
Last year, Fishermen’s Energy modified its project proposal, after the BPU had rejected the proposed demonstration project off Atlantic City, saying it is too expensive. The $200 million project would comprise 6 Siemens 4MW turbines and would use traditional sources of project financing.
Fishermen’s Energy Atlantic City Windfarm (FACW) already has a $50 million funding agreement in place with the US Department of Energy and qualifies for the 30% Investment Tax Credit signed into law late last year.