ReCharge - 'More clarity and certainty': Bullish banks flock to back fast-evolving US offshore wind
GE Energy Financial Services MD and head of renewables, Gaurav Raniwala, was featured in a ReCharge story on the US offshore wind financing market. In the story, he states "Achieving 30GW will require around $60bn of capital. This is roughly equivalent to $30bn of debt — construction and term — and sponsor equity, plus $30bn in tax equity, he said. Those numbers may decline as advances in digital, foundations, grids, materials, turbines, and other technologies impact project costs, and the US fully develops east coast ports and supply chains for offshore wind." He adds, “most of the established tax equity providers know the offshore wind space is being covered by very reputable sponsors and the projects would have long-term off-take contracts with creditworthy counter-parties. Given those two things, these projects are definitely going to be attractive for tax equity investors.” Read the full story here.