US Wind: Investment to Expand Renewable Energy in Maryland
In August 2020, Apollo-managed funds committed to invest up to $265 million to acquire an equity stake in US Wind, and fund development and construction costs associated with a major offshore wind energy project off the coast of Maryland.
Baltimore, Maryland-based US Wind controls the Maryland Wind Energy Area under a Bureau of Ocean Energy Management lease of approximately 80,000 acres located ten to thirty miles off the state’s coast, an area that is sufficient to install an estimated 1.3 GW of renewable power generation.
The first phase of the project will have a capacity of 270 MW, enough to power more than 75,000 Maryland homes. US Wind plans to sell electricity and Offshore Wind Renewable Energy Credits under the Maryland Offshore Wind Energy Act of 2013, and the project is poised to be a key contributor of renewable energy required under Maryland’s Renewable Portfolio Standard. Anticipated to come online in early 2024, the project has a 25+ year useful life and is expected to create thousands of jobs.