Regal Group International: Google invests in $5 billion U.S. Offshore wind power cable JV.

Oct. 12, 2010 - PRLog -- Regal Group International has been informed that search engine giant Google Inc. is to join Japan’s Marubeni Corp. and U.S. renewable energy investment firm Good Energies Investment Corp. in a $5billion project to lay power cables off the east coast of the U.S. to supply power from offshore wind farms to New Jersey and other eastern states.

The JV intends to set up a company to conduct feasibility studies by 2013 with an eye to beginning operations of the initial 1,500-megawatt phase in 2016 a spokesman for Marubeni told reporters.

Both Google and Good Energies are to take a 37.5% stake in the 350 mile cable project, Regal Group International has learned, while Marubeni will be taking 15%. Details of the remaining equity have not yet been made public.


The U.S, the globes biggest oil consumer currently has no offshore wind farms but a number of firms have submitted proposals for around five major offshore developments for the New Jersey, Maryland and Delaware region.

"An expansion in renewable energy sources in the U.S. and policy incentives in an otherwise regulated power business make it a market worth tapping," the Marubeni spokesperson told Regal Group International.

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