Chris Varrone ’85, Managing Director in the ESG group at Silver Leaf Partners, raises money for clean tech companies, projects, and funds. He gave a talk at the last Log Lunch about the future of offshore wind energy in America.
Since its beginning in 1979, wind energy has become a $100 billion/year industry. Offshore wind is well-established in Europe, and is only now becoming a major industry in the northeast US. 8,000+ MW will be built in the next 12 years in MA, NY, NJ, MD, and other states by European developers, replacing fossil fuels and nuclear plants that are dirty and inefficient. The new BOEM process is being implemented to protect stakeholders–it includes a site assessment plan, construction & operations, and building and commission. Since so many wind projects in the past have failed, it is essential that a step-by-step plan be used to erect wind projects, a costly and complex endeavor.
But with energy prices from wind sources having declined by 46% in the last 40 years, the future for renewable energy remains bright–and windy.
—Jane Tekin, ’19