New York Offshore Wind Terminal Secures Investors
Arthur Kill Terminal LLC has entered into an agreement with certain funds managed by Apollo Funds for the exclusive right to invest in the Arthur Kill Terminal project, an offshore wind energy staging and assembly port under development in Staten Island, New York.
New York-based Atlantic Offshore Terminals (AOT) will lead the development of Arthur Kill Terminal.
”We’re thrilled to have the support of Apollo on a project poised to create significant value for New York and the US offshore wind supply chain. Successful development of Arthur Kill Terminal would ensure there is sufficient staging port capacity to build New York’s target of at least 9,000 megawatts of offshore wind by 2035 as well as support the use of jackup vessels, floating foundations and other emerging offshore wind technologies on the East Coast,” said Boone Davis, President of AOT.
”Apollo has significant experience investing in wind and other renewable energy infrastructure, and we believe our combined expertise will enable us to successfully and responsibly build and operate this critical clean energy infrastructure project.”
The terminal is anticipated to begin operating in late 2025 and, if successful, will catalyze investment across the offshore wind supply chain in the region and greater US.
”Arthur Kill Terminal is positioned to be a foundation of the core infrastructure supporting the offshore wind industry in New York and the surrounding region,” said Brad Fierstein, Principal at Apollo.
”We are excited by the opportunity to support the substantial industrial development and job creation the AKT project can bring to the city and region through an investment that leverages our track record in renewable energy infrastructure investments and demonstrates our commitment to sustainability.”
Apollo Funds are managed by affiliates of the NYSE-listed alternative asset manager – Apollo Global Management.
The State of New York has set a goal of developing 9 GW of offshore wind capacity by 2035.
In total, more than 40 GW of offshore wind capacity is expected to be installed off the US East Coast by 2035, triggering an investment of USD 140 billion in the supply chain, according to a recent report by BVG Associates.