DNV is performing due diligence to enable the financing of eight offshore wind projects on the United States’ Atlantic Coast. The announcement follows news from DNV’s Energy Transition Outlook 2024 report, which forecasts that about 10 GW of fixed offshore wind is set to be installed in the U.S. between 2040 and 2050. While the industry has seen headwinds recently, and the latest Energy Transition Outlook has tempered its overall forecast for offshore wind, projects are still moving steadily forward, as reflected by the robust financing activity in the U.S. The offshore wind projects DNV is assessing collectively represent 13 GW of clean energy capacity, which would increase the U.S.’s total wind power capacity by nearly 9% if they become operational.

The technical due diligence DNV is providing to the financial stakeholders for these offshore wind projects is grounded in sound engineering judgement which is very important for developers, lenders and investors. This methodology is an evolution of the company’s proven approach that has enabled on-time financing for thousands of onshore wind, solar, transmission and battery energy storage projects in the U.S. and Canada.

DNV has also established local, in-house expertise around the intricacies of U.S. project finance and the structures that have emerged since the passage of the Inflation Reduction Act (IRA), such as transferability. Many stakeholders in the U.S. offshore wind industry are headquartered in Europe and rely upon DNV for its on-the-ground knowledge of the U.S. financing landscape. For these eight offshore wind projects, DNV is providing pre-commitment and construction monitoring due diligence to ensure all stakeholders understand the risks of the project prior to final investment decision and further capitalize on tax credit monetization opportunities from the IRA. These services are delivered within established financing mechanisms and  processes to ensure on-time closing.

“So far, three of the eight offshore wind projects we’re involved with have reached a final investment decision and the balance is making rapid progress towards this milestone. Our customers are now getting steel in the water and creating benefits for local communities,” said Richard S. Barnes, region president for Energy Systems North America. “We’ve learned that the offshore wind projects getting financed and moving into the development and construction stages are the ones where developers can hit narrow installation windows because they’ve identified and mitigated risks around vessel availability, supply chain, and evolving regulatory requirements.

” DNV’s U.S.-based offshore wind team enabled clients to succeed in California’s 2022 offshore auction, providing in-depth assessments of the technical, societal, and environmental risks around offshore wind development in Oregon and Maine, and are addressing barriers on behalf of the industry to accelerate the deployment of high voltage direct current (HVDC) technology. This regional team is backed up by a global network of experts that has assessed 50 GW of offshore wind energy.

“DNV uses our advisory expertise to help offshore wind projects increase performance and minimize risks. Success relies on understanding the dependencies between different parts of the offshore wind value chain – this is why we take a full lifecycle approach to managing risks and reducing costs,” concluded Barnes.

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A renewable energy certificate is an electronic document which has the sole function of providing proof to a final customer that a given quantity of energy has been produced from renewable sources. The purpose of the renewable energy certificate system is to enable energy users to choose renewable energy to cover their consumption. This active consumer choice is also meant to create an incentive to increase the production of renewable energy.

In Europe the system for renewable energy certificates is named Guarantees of Origin (GO). One GO equals 1 MWh of total renewable electricity. they regulate the system under the EU renewable energy directive (DIRECTIVE 2009/28/EC) and the EU electricity market directive (DIRECTIVE 2009/72/EC).
Ever since 1999, energy users in Europe have demanded documentation of the origin of the electricity they use, which launched an exponential market development. 470 TWh of renewable energy with Guarantee of Origin were sold and consumed in 2017.
Over the last years, a global market for renewable energy certificates has started to develop and equal tracing mechanisms are available also outside Europe.