When Duke Energy wins the $20 billion contract to build the nation’s biggest offshore wind farm, the fight is on
Duke Energy has secured a $20.3 billion contract with a Russian state-controlled company to build its largest offshore wind project in the U.S. The company, Gazprom Neft, said Tuesday that it has secured an initial $4 billion from the state-owned energy company, Vakhnia Gazprom, and a second $3 billion.
The contract includes the construction of two wind farms that will be located on the waters off Florida, New Jersey, Maryland and Virginia.
The projects, known as the South Florida Wind Project and the North Carolina Wave Project, were signed in January.
The two wind projects will have an area of 1,300 acres and generate 2,000 megawatts of power.
The South Florida project is expected to generate 825 megawatts and the South Carolina Wave project is predicted to generate 1,200 megawatts.
Gazprom has said that it expects to get more than 20% of its revenue from offshore wind.
The state-run energy company is currently constructing a new offshore wind plant in the Gulf of Mexico, in addition to building its current two offshore projects in the Caribbean and off the coast of North Carolina.