Today (Dec 22), Baltimore-based US Wind, Inc. ("US Wind") announced that the state of Maryland has awarded the company 808.5 MW in Offshore Renewable Energy Credits ("ORECs") for Momentum Wind, a new offshore wind project slated to come online in 2026.
Adding 55 turbines to the Maryland Lease area, Momentum Wind will deliver massive amounts of clean energy to the region, advancing state and federal offshore wind goals, significantly reducing greenhouse gas emissions, and powering more than 200,000 homes with offshore wind.
The 55 turbines for Momentum Wind will be in addition to the 22 turbines anticipated for MarWin, the company's first project for Maryland, which will be constructed in the same Lease area. In total, the two projects will have over 1,100 MW of capacity. Both projects will be supported by separate 20-year schedules of ORECs awarded by the state of Maryland.
"With the approval of Momentum Wind, US Wind has over a gigawatt of offshore wind power under contract with the state of Maryland," said Riccardo Toto, Director and President at US Wind. "It is with great pride that we celebrate this victory and begin down the path of making history for Marylanders."
US Wind also plans to establish a new steel fabrication facility at Tradepoint Atlantic to support the U.S. offshore wind industry. US Wind's plans are estimated to support thousands of local jobs, many of which will be filled by local labor unions and minority-owned businesses.
"Momentum Wind is one of the state's most ambitious clean energy projects ever," said Jeffrey Grybowski, US Wind CEO. "Momentum Wind and Sparrows Point Steel will help Maryland stake a major claim in the rapidly growing U.S. offshore wind industry, propel the state to become an epicenter of offshore wind manufacturing, and provide affordable clean energy for all Marylanders."
"At Apollo, the global energy transition is a strategic priority. US Wind is a marquee fund investment, helping to bring offshore wind power to hundreds of thousands of Americans," said Brad Fierstein, Director at US Wind and Partner at Apollo Global Management. "We're proud to support the team working to deliver more than a gigawatt of offshore wind power to Maryland and bring steel back to Baltimore."
In 2017, US Wind was awarded ORECs from the Maryland Public Service Commission to build MarWin, an approximately 300 MW offshore wind project consisting of up to 22 turbines located in the southeasternmost portion of the Maryland Lease area. Anticipated to start generating clean energy in 2025, MarWin is expected to support more than 1,300 Maryland jobs and power about 80,000 homes. US Wind controls an approximately 80,000-acre federal Lease area off the coast of Maryland, and in addition to MarWin and Momentum Wind, expects remaining future potential capacity in the Lease area of approximately 600 MW.
About US Wind
US Wind was founded in 2011 and has established itself as Maryland's leader in offshore wind development. In 2014, US Wind acquired an 80,000-acre federal Lease area off the coast of Maryland. In 2017, Maryland approved the company's 300 MW MarWin project and, in 2021, the state approved the 808 MW Momentum Wind project. US Wind is majority-owned by Renexia SpA. In 2020, funds managed by affiliates of Apollo Global Management made an investment in US Wind.
About Renexia SpA
Renexia SpA is a leader in renewable energy development in Italy and a subsidiary of Toto Holding SpA. Toto Holding SpA has more than 40 years of experience specializing in large construction and infrastructure projects, primarily in the energy, transportation, and aviation sectors.
About Apollo Global Management
Apollo is a high-growth, global alternative asset manager. We seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid and equity. Through our investment activity across our fully integrated platform, we serve the retirement income and financial return needs of our clients, and we offer innovative capital solutions to businesses. Our patient, creative, knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. To learn more, please visit www.apollo.com.
