An attorney representing Invenergy told the New Jersey Public Utilities Board in a filing Friday that the company’s 2.4 GW offshore wind project, Leading Light Wind, is canceled.
Invenergy “has determined that it cannot move forward with the project under the terms and conditions set forth” when the BPU awarded it offshore wind renewable energy certificates in January last year, according to the filing. Invenergy “regrets this decision … and looks to the future for potential applications.”
“The [BPU] is well aware that the offshore wind industry has experienced economic and regulatory conditions that have made the development of new offshore wind projects very difficult,” the filing states.
Invenergy says yes North America’s largest private developer, owner and operator of clean energy solutions, with 36 GW of projects under its belt. Leading Light Wind was being developed off the coast of New Jersey and was scheduled to become operational in 2030.
The filing cites financial, supply chain and regulatory hurdles as reasons why the project is no longer viable. Invenergy and the project’s co-sponsor, energyRe, requested several delays from the BPU as they missed submission deadlines due to issues such as the inability to find a turbine supplier, he said.
Invenergy was granted a stay last September, then extended it three more times before declaring its intention to abandon the project.
In its May filing, Invenergy said that “given the current market and policy uncertainty, Leading Light Wind will continue to focus on meeting its lease obligations.” Friday’s filing said the company concluded it doesn’t see a path to doing so.
“The company has invested considerable time and financial resources in the development of [Leading Light Wind] and holds firmly to the view that [Leading Light Wind]and the development of offshore wind energy, can provide significant benefits to New Jersey and its residents,” the filing said.
