Virginia Governor Ralph Northam has unveiled a budget that includes US$733M in new funding for the environment and clean energy, including offshore wind
The budget will see an Office of Offshore Wind created in the state, and see Virginia invest up to US$40M to upgrade the Portsmouth Marine Terminal in order to secure new investments in the offshore wind supply chain. The investments will help Virginia achieve 2.5 GW of energy generated from offshore wind by 2026.
State commerce and trade secretary Brian Ball said, “The proposed investments in clean energy financing and the Office of Offshore Wind will create new business opportunities, expand customer access to renewable energy and create jobs.
“Likewise, the investment at Portsmouth Marine Terminal will enable the Commonwealth to attract new economic investment from the offshore wind industry, which is pivotal as we work to diversify the economy in Hampton Roads.”
In late 2018, the Governor released a report providing a roadmap for the offshore wind supply chain in the state, that detailed Virginia’s ‘strategic advantages’ and the potential economic benefits of investing in the offshore wind industry.
The report highlighted the advantages to the state of developing a supply chain to serve emerging offshore wind projects along the east coast of the US, analysing Virginia’s potential ‘strategic role’ in the industry. Recommendations included establishing a regional supply chain collaborative with neighbouring states, creating the Office for Offshore Wind, soliciting anchor tenant suppliers, and expanding workforce development opportunities.