Insights

Missing image. Please contact us.

New Jersey to Invest in World Leading Wind Energy Port

Peter Doherty • Jun 16, 2020 • 2-min read
Tags: infrastructure energy wind renewables

The US state of New Jersey has announced a $400 million wind energy port to be located in Salem County, New Jersey to serve development of new wind farms offshore the eastern coast of the United States. This greenfield development will bring 1,500 new jobs and opportunity for service businesses such as heavy haul trucking, steel suppliers and ancillary services providers along the east coast of the US.

With offshore wind turbines generating electricity at a steadier rate due to higher and consistent wind speeds when compared to onshore wind, New Jersey aims to generate 7,500 megawatts of offshore wind power by 2035 and generate 100% clean energy by 2050.

A Leading Wind Energy Port for the Us East Coast

With increasing investments in wind energy, the port will act as a manufacturing and pre-assembly line for wind turbines to be transported and installed offshore. According to the press release from the official site of the state of New Jersey the port will have:

  • Purpose-built marshalling and manufacturing space
  • Heavy-lift wharfs
  • Open access to the Atlantic Ocean
  • Short steaming distances to more than 50 percent of US offshore wind lease areas
  • Access to a highly skilled trades and technical work force

Offshore Wind

Robust Supply Chain Required

Currently, the infrastructure required to a) execute the fabrication and assembly of wind turbine components and b) transport and install turbine along the east coast needs to be developed further. The construction of a new port represents strategic and growth opportunities for companies already serving the onshore wind power sector and to those seeking to break into the industry.

Economic Impacts

A robust supply chain will permit lower construction and development costs thus allowing this energy source becoming very competitive when compared to fossil fuels.

Wind Investments Gain Momentum

Since the beginning of 2020, investor sentiment has shifted away from oil & gas and other polluting fossil fuel energy sources. Clean and renewable energy are becoming more popular among investors as noted by Statista below.

The United States’ investment in clean energy reached its highest point in 2018 at 64 billion U.S. dollars. This represents a substantial increase since 2004, when investment totaled roughly 10 billion U.S.

Further Reading

Share with your colleagues