The Connecticut Port Authority (CPA) has reached an agreement with Gateway New London LLC for the long-term operation of State Pier in New London.
Under the terms of the 20-year agreement, Gateway assumes operation of State Pier on 1 May 2019, with an option at the end of the term for the CPA to extend for two additional ten-year periods. Gateway is committing a minimum of USD 30 million in capital improvements at State Pier during the duration of the agreement.
In 2018, Connecticut has either invested or secured USD 48 million for improvements to State Pier. The State Bond Commission allocated USD 25.5 million for improvements to State Pier, and an additional USD 22.5 million has been committed by the private sector through the recent Purchase Power Agreement and Zero Carbon initiative undertaken by the state.
CPA and Gateway will work together to invest the funds provided through the Purchase Power Agreement and Zero Carbon initiative to make the pier even more attractive to the offshore wind industry and other emerging opportunities in the region, CPA said.
Larry Smith, the founder of Gateway Terminal, said: “Our partnership not only positions New London as a potential offshore wind hub for the northeastern United States, but also supports the local harbor community and existing uses, which we believe will expand when we begin our operations.”