New Jersey looking at offshore wind

The New Jersey Board of Public Utilities announced plans to offer up to $19 million in funding for a demonstration offshore wind  project.

The board said it will provide up to 10 percent of the total incentive upfront to help companies conduct the needed studies and prepare permit applications.

"Governor Corzine has been very clear that the State will not move forward with construction if upcoming studies or analyses conducted by the Department of Environmental Protection and Commerce indicate that the construction or operation of this pilot project will have unacceptable adverse impacts on the environment, the economy or tourism," said Jeanne Fox, president of the board.

The state is looking for a company that can build a total capacity of up to 350 megawatts, enough to power 125,000 homes.

The board said companies must be able to show an ability to finance construction through market sources, which it said may include tax exempt bond financing through the U.S. Economic Development Administration.

Wind developers have until Jan. 16, 2008 to file their proposals, with the grant expected to be awarded in March of that year.

The state has pegged an area 20 miles offshore from Seaside Park to Stone Harbor for the demonstration site.