Agreement with Google and others to invest in the development of a large scale offshore backbone power transmission project in the U.S. Mid-Atlantic Region
Oct. 13. 2010
Marubeni Corporation agreed to invest in the development of a backbone power transmission project (underwater cable) off the Mid-Atlantic coasts in the United States of America with Google Inc. (“Google”), Good Energies Investment Corp (”Good Energies”) and Atlantic Grid Development L.L.C.( “AGD”).
The offshore backbone power transmission project that Marubeni, Google, Good Energies and AGD are planning will connect 6,000MW of offshore wind farms that will be constructed off the coasts of New Jersey, Delaware, Maryland and Virginia to the mainland. The construction process is to be divided into 5 segments and developed one by one. The first 1,500 MW transmission segment will be built over the next 2 years, with construction on the first wind farm expected to start in 2013 and the commercial operation beginning in 2016.
Many states in the U.S. currently have Renewable Portfolio Standards (RPS) that target a certain percentage of electric power from renewable energy sources, and these targets are expected to be reached by 2020. Given these circumstances there will be an increased need for new transmission lines to connect theses new renewable power sources to users, with $25 billion in new investment in the transmission sector expected over the next 20 years.
Marubeni, as a leading company in the world electric power market, will look further for potential opportunities in the U.S. electric power transmission and distribution sector. By making use of its past experience as a global player in the international power sector Marubeni will continue to focus on developing business in this field.
About Google Inc.: Google's innovative search technologies connect millions of people around the world with information every day. Founded in 1998 by Stanford Ph.D. students Larry Page and Sergey Brin, Google today is a top web property in all major global markets. Google's targeted advertising program provides businesses of all sizes with measurable results, while enhancing the overall web experience for users. Google is headquartered in Silicon Valley with offices throughout the Americas, Europe and Asia. For more information, please visit http://www.google.com.
About Good Energies: Good Energies is a leading global investor in renewable energy and energy efficiency industries. The firm invests in solar, turbine-based renewables, green building technologies and other emerging areas within clean energy. Founded in 2001, Good Energies manages the renewable energy portfolio of COFRA, a family owned and managed group of companies. Guided by the 3-P principle of People-Planet-Profit, Good Energies aims to bring financial success together with sustainable returns for the environment and for society. The firm seeks to help drive the transition to a low-carbon economy, as well as to bring affordable renewable energy to the developing world. www.goodenergies.com
About Atlantic Grid Development: Markian Melnyk developed the AWC concept while researching “Offshore Power,” his book on offshore renewable energy. Joining Melnyk on the project team are: Ken Epp and Mohamed El-Gassier, industry leaders in high-voltage direct current transmission at DC Interconnect; Eli Farrah, an expert in transmission regulation at Dewey & LeBoeuf; and Marty Walicki, Paul McCoy and Robert Mitchell, experienced transmission system owners and developers at Trans-Elect. These principals have formed Atlantic Grid Development, LLC, the project’s developer. Paul McCoy is CEO of AGD and Dewey & LeBoeuf is counsel to the project.