Financing Wind
‍Offshore

The Biden administration has pushed hard to develop a pipeline of offshore wind projects to hit its target of 30GW of installed capacity by 2030. However, the industry is set to fall well short of this as developers struggle with rising costs, PPA prices set too low, questions over the supply chain, and an uncertain political picture after the 2024 presidential election. In this opening session, we look at the opportunities for companies in the US offshore wind sector, and how the industry can deliver.

• The Inflation Reduction Act boosted the US offshore wind sector, but has inflation undone that good work?
• How big an impact is Orsted’s cancellation of Ocean Wind 1 & 2 having on the sector?
• Are fresh state tenders the answer to PPA difficulties? Can these deliver on the scale needed?
• Should US offshore wind companies be worried about the 2024 election?
• How much installed US offshore wind is now likely in 2030?

This panel will enable us to get into greater detail about the financial terms involved with US offshore wind projects. Potential areas for discussion could include:

• How important is it for banks and others to see Vineyard Wind 1 operational?
• How are deal structures in the US offshore wind sector going to evolve?
• What role will tax equity and ECA play in the financing of US offshore wind?
• Has the IRA opened up new ways of investment or brought in new investors?

This discussion will look in greater depth at some of the practical challenges that need to be overcome to enable the US to make good on its offshore wind promise. Developers will only be able to hit their project deadlines if the US has the right supply chain, workforce, vessels, ports and transmission infrastructure. Potential areas for discussion include:

• How much progress has there been on coordinated plans for transmission?
• Do turbine makers have the confidence they need to start building factories?
• How can the industry ensure it can access the vessels and ports it needs?
• Should we be worried about recent headlines related to whale deaths?
• Are we seeing enough investment in workforce training? What is needed?
• Are there enough financing structures currently in place

The US can learn some essential lessons from Europe to effectively expand its offshore wind capacity. This discussion will examine the bottlenecks challenging growth in the EU offshore wind supply chain and what lessons can be learnt by the other side of the pond to enable the supply chain to deliver projects quickly. Potential areas of discussion include:

• Contracting structures and commercial considerations
• Rising costs (raw materials, logistics..) and how manufacturers are coping 
• Local content requirements

Michael Brown is one of the leading lights in offshore wind in North America. This one to one interview is an opportunity to better understand what is now required to take US offshore wind to the next level. Key talking points will include:

• Recent PPA terminations and hand backs - to what extent does this materially impact the long term potential of this nascent market?
• With a global development footprint and with a swathe of regional challenges to overcome, why does Ocean Winds persist with its commitment to the US offshore wind market?
• With project activity expected to peak between 23 and 26, 30GW by 2030 is considered by many to be optimistic at best and unrealistic by others - what is Ocean Winds' view?
• Permitting: what are the practical steps that businesses working throughout all stages of the supply chain can make, now, to accelerate permitting procedure & place positive pressure on policymakers?
• Project review: can Ocean Winds provide a project update on the South Coast project and further guidance on key milestones, timings and next steps?

Sponsored by Atlantic Shores Offshore Wind

• What are the emerging market trends and their impact on M&A strategies
• How are government policies and regulations in shaping M&A dynamics
• What are some strategies for successful offshore wind M&A transactions
• Negotiating deal terms in a rapidly evolving industry landscape
• What are the current legal and regulatory considerations in Offshore Wind M&A
• How to address integration challenges in terms of cultures, technologies, and operations
• Differences in buying development companies vs. projects and whole cost vs. minority stake sales

This session will discuss where the next opportunities for offshore wind in the US lies and how much of a role floating wind will play.

• What are the high points that banks are looking for in providing debt?
• Which of the newer technologies currently being deployed will be able to scale? 
• Will the current state of transmission assets affect offshore projects in planning?
• How are/will federal policy and regulatory changes affect the offshore financing market? (or something more targeted on commercialization if preferred)
• What other thoughts do you have on financing floating offshore wind as it leaves hype and enters cost reality?

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This panel will enable us to look in greater detail about the potential to develop offshore wind projects with hybrid technologies such as green hydrogen production or battery storage. The IRA has sought to put the US at the forefront of the emerging green hydrogen and storage sectors, so in this discussion we will consider the links between these and offshore wind.

• How seriously are developers considering pairing offshore wind with green hydrogen or other green fuel production in US waters?
• Why should OSW developers consider battery storage for their schemes?
• Are these technologies vital to unlock additional profitability and revenue streams at offshore wind assets in a fast-evolving market? Or do they simply introduce a new element of risk that makes them difficult to finance in the current economic climate?
• How can states reduce risk for developers?