- Published: 16 September 2020 16 September 2020
Natural Power has provided due diligence on US Wind’s Maryland Offshore Wind Project (MarWin) to support Apollo Global Management’s investment decision to commit up to US$ 265 million of convertible debt and equity to acquire an equity stake in the offshore wind energy development company, US Wind.
Natural Power’s offshore wind advisory team delivered a review of the project’s technical, commercial and permitting characteristics. The assessment included an energy yield analysis, a construction plan review, and a review of the development status. To complete the review, Natural Power provided an assessment of the project’s proposed design and technology, bids and contracts for key services, OPEX and CAPEX estimates, operational strategy and health and safety plans.
The MarWin project is located in the Maryland Wind Energy Area, approximately 17 miles offshore of Ocean City, MD and it is planned to have a nameplate capacity of approximately 270MW. In 2018, the Maryland Public Service Commission awarded the MarWin project a 20-year contract for offshore renewable energy credits. The project is expected to come online in 2024, with an operational life expectancy of more than 25 years.