Earth Equity News

Offshore Wind Power Line Wins Praise, and Backing. By Matthew L. Wald, NYTimes, 10/12/10. “Google and a New York financial firm have each agreed to invest heavily in a proposed $5 billion transmission backbone for future offshore wind farms along the Atlantic Seaboard that could ultimately transform the region’s electrical map. The 350-mile underwater spine, which could remove some critical obstacles to wind power development, has stirred excitement among investors, government officials and environmentalists who have been briefed on it.

“Google and Good Energies, an investment firm specializing in renewable energy, have each agreed to take 37.5% of the equity portion of the project. They are likely to bring in additional investors, which would reduce their stakes… ‘Conceptually it looks to me to be one of the most interesting transmission projects that I’ve ever seen walk through the door,’ said Jon Wellinghoff, the chairman of the Federal Energy Regulatory Commission, which oversees interstate electricity transmission. ‘It provides a gathering point for offshore wind for multiple projects up and down the coast.’”