EDF Renewables North America said on Dec. 19 it had formed a joint venture with oil and gas firm Royal Dutch Shell Plc’s new energies division to co-develop a lease area for offshore wind energy in New Jersey.
The area, spread over 183,353 acres and located off the coast of Atlantic City, has the potential to produce about 2,500 megawatts of offshore wind energy, EDF said in a statement.
The Trump administration is streamlining permits for offshore wind industry and carving out new areas for leasing to boost domestic energy production and jobs.
States like New Jersey, Massachusetts and New York have also mandated utilities to procure offshore wind energy.
Recommended Reading
Oxy’s Hollub Drills Down on CrownRock Deal, More M&A, Net-zero Oil
2024-11-01 - Vicki Hollub is leading Occidental Petroleum through the M&A wave while pioneering oil and gas in EOR and DAC towards the goal of net-zero oil.
TC Energy Spinoff, Oxy Warn Shareholders of Unsolicited Mini-Tender Offer
2024-11-04 - South Bow and Occidental Petroleum said the offer from TRC Capital, which seeks to purchase up to 2 million and 3 million common shares respectively, is below both companies’ current market value.
EnCap Closes $6.4B for E&P Fund, Including Co-investments
2024-10-21 - EnCap’s Fund XII raised $5.25 billion for work in U.S. oil and gas basins. Coupled with its energy transition and midstream funds, the private equity firm has collectively raised $9 billion this year.
Post Oak Backs New Permian Team, But PE Faces Uphill Fundraising Battle
2024-10-11 - As private equity begins the process of recycling inventory, likely to be divested from large-scale mergers, executives acknowledged that raising funds has become increasingly difficult.
Utica Oil E&P Infinity Natural Resources’ IPO Gains 7 More Bankers
2024-11-27 - Infinity Natural Resources’ IPO is expected to provide a first-look at the public market’s valuation of the Utica oil play.