Ed Zaelke Quoted on Government Offshore Wind Lease Sale
The first-ever lease sale by the U.S. government for offshore wind energy projects is the subject of a Law360 article in which Akin Gump’s Ed Zaelke is quoted.
The lease auction, announced by the Department of the Interior, will take place July 31. If fully developed, the parcels of federal waters off the coasts of Rhode Island and Massachusetts could provide enough electricity to power more than one million homes.
The article notes, however, that if certain tax credits are permitted to expire, expensive offshore projects could become even costlier. Zaelke, the co-head of Akin Gump’s global project finance practice, says that could eliminate many new entrants to the market “until the longer-term policies are a little more set.” He goes on to say that the companies “doing offshore wind now are really doing it as a leap of faith.”
To read the full article, please click here.