RWEOY Rwe Ag (PK)

By Adam L. Cataldo

New York plans to invest $300 million in 25 renewable energy projects in what it said is the largest investment of its kind by any state in the U.S.

That money will be used to help advance the first offshore wind blade and nacelle manufacturing facilities in the U.S., according to a statement from the New York State governor's office. New York's investment is expected to bring in another $668 million in private funding.

As part of that effort, RWE Offshore Renewables and National Grid Ventures was provisionally awarded a 1.3 gigawatt offtake contract by the state to produce energy using offshore wind. The conditional awards include three offshore wind and 22 land-based renewable energy projects that are expected to produce 6.4 gigawatts of energy, according to the statement. That will generate enough energy to power 2.6 million homes and meet about 12% of New York's electricity needs, the state said.

The manufacturing and renewable energy projects are expected to create about 8,300 jobs and spur $20 billion in economic development investments statewide.

Write to Adam Cataldo at adam.cataldo@wsj.com.

(END) Dow Jones Newswires

October 24, 2023 12:55 ET (16:55 GMT)

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