Maine Aqua Ventus I term sheet gains MPUC approval
January 14, 2014 - Maine Aqua Ventus I, a pilot-scale offshore wind farm poised to harness the powerful wind resources of the Gulf of Maine, has received approval of its term sheet by the Maine Public Utilities Commission (MPUC). By approving of the Maine Aqua Ventus I term sheet, the MPUC has agreed that the power produced by this project will be purchased.
This approval is an important step for the project developer, Maine Aqua Ventus I GP LLC, which is in a national competition against seven other offshore wind projects for the opportunity to receive $46 million in U.S. Department of Energy funding. "With the term sheet approval, Maine Aqua Ventus I has become an even stronger applicant, and the MPUC agrees that we have a unique opportunity to make Maine one of the first homes for floating offshore wind technology in the U.S.," stated Jake Ward, speaking on behalf of the project.
If the project receives additional DOE funding, much of the development costs will flow into salaries of new jobs for Maine people, purchasing products and services from Maine businesses, and funding new capabilities in the Maine economy.
Maine Aqua Ventus I and its technology will also offer Maine with a significant response to the challenges that climate change presents our state's environment and economy. The project will avoid emission of over 17,600 tons of carbon dioxide equivalent per year, as well as emission of over 5,440 pounds of NOx and 1,940 pounds of SO2 per year.
The MPUC term sheet approval is an exciting step towards a bright future not only for the Maine Aqua Ventus I project, but for the state of Maine, as well.
To download the draft term sheet, click here.