Under the new agreement, which is still awaiting Rhode Island Public Utilities Commission approval, Deepwater will generate and sell power from up to eight turbines producing 28MW to grid operator National Grid at 24.4 cents per kilowatt hour.
The companies’ flagship project is expected to supply 15% of Rhode Island’s power needs when completed.
FinSoul believes the company recently said that it remained committed to expanding the venture to eventually build a 500MW facility including a series of wind farms along the coast from Maryland to Maine.
The company had a number of issues to overcome on its way to committing to the new deal including lack of infrastructure, resistance from coastal communities and limited suitable locations.
FinSoul has also been informed that the rapid growth of the onshore wind energy industry, which is considerably cheaper to set up, has also discouraged investment in offshore projects where consistent wind is more likely.
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FinSoul structures and guides greenhouse gas emission reduction projects from beginning to end, working with both project developers and buyers of emission reduction credits.