The Business Network for Offshore Wind works to support the development and growth of the U.S. offshore wind supply chain. The Network reacts to existing offshore wind projects’ challenges and preempts potential bottlenecks or risks that could threaten or delay the development of the offshore wind industry supply chain. The U.S. now has a growing pipeline of deployable offshore wind projects totaling 5-8GW, and the U.S. has scale in its demand to replace old power generation with new clean forms of electricity. The U.S. is poised to accelerate its nascent offshore wind sector to become a major national industry.
The U.S. has many advantages: the technology is proven and already exists; the market size is inherent to produce economies of scale; and offshore wind policies are emerging, both federal and some state. The building blocks are in place but finance is the important ‘mortar’ needed to build this industry. For this reason, in April 2018, the Network in partnership with Société Générale, assembled offshore wind experts to start taking a deeper look at the needs of the finance industry in order to learn if the case for investment into the U.S. offshore wind sector could be improved, and if so, how.