Homecoming Capital, an investor in zero-emission infrastructure, has made an initial USD 50 million (approximately EUR 46.2 million) commitment to Clean Energy Terminals (CET), a developer of US offshore wind port infrastructure.
Under the agreement, CET will leverage Homecoming’s investment to execute early-stage development work on a portfolio of newbuild and redeveloped offshore wind ports along the US east and west coasts.
Upon completion, CET’s projects will address the critical infrastructure gap that is currently constraining the US offshore wind industry, said Homecoming.
“With the U.S. targeting 110 GW of OSW capacity by 2050, including 15 GW of floating wind by 2035, demand for both port infrastructure and the capital required to build it has never been greater,” said Brian Sabina , Chief Executive Officer of CET.
“We are proud to partner with Homecoming Capital, a mission-aligned investor who recognizes the importance of port development to both the offshore wind industry specifically and to energy independence and decarbonization at large.”
Led by Brian Sabrina and chief development officer Jonathan Kennedy, CET was founded on the principle that offshore wind ports enable clean energy generation, long-term economic benefits, and good-paying, local jobs, according to the press release.
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Sabina and Kennedy were previously senior executives at the New Jersey Economic Development Authority, where they led the development and construction of the USD 1B+ New Jersey Wind Port (NJWP), the country’s first purpose-built offshore wind marshalling and manufacturing port facility.
Building on this experience, CET said it is committed to working in partnership with public port authorities, harbor districts, and municipalities to develop port projects in a community-oriented and environmentally responsible way.
“Homecoming’s long-term investment horizon, hands-on approach to working with management teams, and understanding that infrastructure needs to be developed in a way that is responsive to local stakeholders makes them a great fit for CET. They have a proven track record of identifying and scaling development platforms and will be invaluable as we grow our company into a leading provider of offshore wind port infrastructure,” said Sabrina.