Governor Carcieri Hails Deepwater Wind Rhode Island Lease Agreement at Quonset Business...

Governor Carcieri Hails Deepwater Wind Rhode Island Lease Agreement at Quonset Business Park

Providence, RI – June 30, 2009 – (RealEstateRama) – Governor Carcieri today hailed the Quonset Development Corporation Board of Directors’ approval of a development agreement to lease 117 acres to Deepwater Wind Rhode Island, LLC in the Quonset Business Park for the development of the company’s regional manufacturing facility and its regional development headquarters.

“This development agreement marks a major milestone in the state’s march toward the development of offshore wind projects, and positions Rhode Island as the epicenter for renewable energy on the East Coast,” said Governor Carcieri. “We are moving in the right direction when it comes to making targeted investments in renewable energy in Rhode Island. Not only is this about bringing clean, green power that is not subject to variations and increases in fuel prices to our state, but this is also about bolstering economic development in Rhode Island and furthering our efforts to enable Quonset to realize its full potential.”

Deepwater Wind has pledged to develop the leased land in Quonset as the company’s regional manufacturing and development headquarters. The three parcels will be used for foundation manufacturing, assembly, and logistical operations. When fully operational, the headquarters will support 800 jobs. In May, Deepwater Wind opened development offices in Providence and on Block Island.

“This project means over $1 billion in private investment in Rhode Island and it will create a minimum of 800 jobs with annual wages of $60 million,” continued Governor Carcieri. “Additionally, we will work with Deepwater Wind to attract a wind turbine manufacturer to our state. This is about establishing a new industry in Rhode Island.”

“Deepwater’s development agreement with the Quonset Business Park is another example of Rhode Island’s commitment to becoming the leader in the alternative energy industry,” said J. Michael Saul, interim executive director of the Rhode Island Economic Development Corporation. “Growing the green economy is a key element of RIEDC’s 2009 Economic Growth Plan, which calls for developing a clear focus for the expansion of Rhode Island’s renewable energy capabilities. Our support for Deepwater Wind’s projects is just one of the ways the RIEDC is working to grow the green sector and accelerate job growth.”

Deepwater Wind Chief Development Officer Paul M. Rich said, “We envision Quonset as the ‘Silicon Valley’ of renewable energy development. We’re proud to be making Quonset the manufacturing hub for the development of our offshore wind farms. ”

Last Friday, Governor Carcieri joined House Majority Leader Gordon Fox and Senator Joshua Miller at the Rhode Island Economic Development Corporation’s Green Economy Roundtable to sign Long Term Contracting legislation. The legislation requires the state’s largest electric utility to enter into long-term contracts to purchase power from renewable energy producers in Rhode Island and is expected to help large-scale renewable energy projects, including the Deepwater Wind offshore wind projects, attract the private financing they need by guaranteeing there will be a market for the type of energy they produce. Rhode Island is among just 13 other states with long-term contracting legislation for renewable energy projects.

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