N.J. Governor Signs Offshore Wind Economic Development Act

Gov. Chris Christie, R-N.J., has signed the Offshore Wind Economic Development Act. The bipartisan measure is designed to spur economic growth in the state through the development of renewable energy resources and the creation of green jobs.

The legislation will establish an offshore wind renewable energy certificate program and will make available financial assistance and tax credits from existing programs for businesses that construct manufacturing, assemblage and water-access facilities to support the development of qualified offshore wind projects.

‘The Offshore Wind Economic Development Act will provide New Jersey with an opportunity to leverage our vast resources and innovative technologies to allow businesses to engage in new and emerging sectors of the energy industry,’ says Christie.

The bill directs the New Jersey Board of Public Utilities to develop an offshore renewable energy certificate program that calls for a percentage of electricity sold in the state to be from offshore wind energy. This percentage would be developed to support at least 1,100 MW of generation from qualified offshore wind projects.

Through the legislation, the New Jersey Economic Development Authority will provide financial assistance to qualified offshore wind projects and associated equipment manufacturers and assembling facilities.

In June, Christie signed a memorandum of understanding with nine other East Coast governors, establishing the Atlantic Offshore Wind Energy Consortium to facilitate federal-state cooperation for commercial wind development on the Outer Continental Shelf off of the Atlantic coast.

Three of the first five interim policy leases approved by the federal government to explore offshore wind projects are for tracts located off the coast of New Jersey.

SOURCE: Office of Gov. Chris Christie

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