DNV is performing due diligence that could help secure financing of eight offshore wind projects on the US’ Atlantic Coast with a combined capacity of 13 GW.
DNV tapped to help lenders and investors assess USD 40 billion worth of U.S. offshore wind projects
The technical due diligence DNV is providing to the financial stakeholders for these offshore wind projects is grounded in sound engineering judgement which is very important for developers, lenders and investors.
Financing for thousands of onshore wind
This methodology is an evolution of the company’s proven approach that has enabled on-time financing for thousands of onshore wind, solar, transmission and battery energy storage projects in the U.S. and Canada.
Intricacies of U.S. project finance
DNV has also established local, in-house expertise around the intricacies of U.S. project finance and the structures that have emerged since the passage of the Inflation Reduction Act (IRA), such as transferability.
U.S. offshore wind industry
Many stakeholders in the U.S. offshore wind industry are headquartered in Europe and rely upon DNV for its on-the-ground knowledge of the U.S. financing landscape. For these eight offshore wind projects,
DNV is providing pre-commitment
DNV is providing pre-commitment and construction monitoring due diligence to ensure all stakeholders understand the risks of the project prior to final investment decision and further capitalize on tax credit monetization opportunities from the IRA. These services are delivered within established financing mechanisms and processes to ensure on-time closing.
Eight offshore wind projects
“So far, three of the eight offshore wind projects we’re involved with have reached a final investment decision and the balance is making rapid progress towards this milestone.
Regulatory requirements
Our customers are now getting steel in the water and creating benefits for local communities,” said Richard S. Barnes, region president for Energy Systems North America. “We’ve learned that the offshore wind projects getting financed and moving into the development and construction stages are the ones where developers can hit narrow installation windows because they’ve identified and mitigated risks around vessel availability, supply chain, and evolving regulatory requirements.”
California’s 2022 offshore auction,
DNV’s U.S.-based offshore wind team enabled clients to succeed in California’s 2022 offshore auction, providing in-depth assessments of the technical, societal, and environmental risks around offshore wind development in Oregon and Maine, and are addressing barriers on behalf of the industry to accelerate the deployment of high voltage direct current (HVDC) technology. This regional team is backed up by a global network of experts that has assessed 50 GW of offshore wind energy.
DNV uses advisory expertise
“DNV uses our advisory expertise to help offshore wind projects increase performance and minimize risks. Success relies on understanding the dependencies between different parts of the offshore wind value chain – this is why we take a full lifecycle approach to managing risks and reducing costs,” concluded Barnes.
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