Zero-emission investor Homecoming Capital has made an initial US$50m commitment to Clean Energy Terminals (CET), a developer of US offshore wind port infrastructure.
Under the agreement, CET will leverage Homecoming’s investment to execute early-stage development work on a portfolio of newbuild and redeveloped offshore wind ports along the US east and west coasts.
Upon completion, CET’s projects will address the critical port infrastructure gap that is currently constraining the US offshore wind industry.
Led by chief executive officer Brian Sabina and chief development officer Jonathan Kennedy, CET was founded on the principle that offshore wind ports enable not only clean energy generation, but also long-term economic benefits and good-paying, local jobs.
Sabina and Kennedy were previously senior executives at the New Jersey Economic Development Authority, where they led the development and construction of the $1B+ New Jersey Wind Port (NJWP), the country’s first purpose-built offshore wind marshalling and manufacturing port facility.
Building on this experience, the CET team is committed to working in partnership with public port authorities, harbour districts, and municipalities to develop port projects in a community-oriented and environmentally responsible way.
Sabina said: “With the US targeting 110GW of offshore wind capacity by 2050, including 15GW of floating wind by 2035, demand for both port infrastructure and the capital required to build it has never been greater.
“We are proud to partner with Homecoming Capital, a mission-aligned investor who recognizes the importance of port development to both the offshore wind industry specifically and to energy independence and decarbonization at large.
“Homecoming’s long-term investment horizon, hands-on approach to working with management teams, and understanding that infrastructure needs to be developed in a way that is responsive to local stakeholders makes them a great fit for CET.
“They have a proven track record of identifying and scaling development platforms and will be invaluable as we grow our company into a leading provider of offshore wind port infrastructure.”
Cody Evans, co-founder and partner at Homecoming, added: “As a partner to industry-leading teams, we see firsthand the significant impact zero-emission infrastructure has on accelerating the energy transition.
“By developing the ports necessary to enable offshore wind, CET is poised to accelerate gigawatts of offshore wind deployment in the years to come.
“The CET team’s deep experience liaising between the private and public sectors to meet project developer, local community, and government needs, coupled with their technical and commercial expertise, makes them uniquely qualified to be the nation’s leading private offshore wind port infrastructure developer.
“We are excited to partner with CET to achieve their vision and advance the development of the offshore wind industry.”