South Fork Wind, a 132 MW offshore wind project located 35 miles east of Montauk Point in New York State, is expected to enter service in mid-2024. Revolution Wind, a 715 MW offshore wind project located 32 miles southeast off Connecticut’s coast, is anticipated to be the first utility-scale wind farm in Connecticut and Rhode Island upon its expected completion in 2025.
ERM’s technical due diligence services included a detailed assessment of project construction contracts, geotechnical and geophysical studies, foundation design, wind turbine technology, construction schedule and operations and maintenance strategy. ERM also provided detailed analysis of the projects’ CapEx and OpEx profiles.
Speaking on the transaction, Matthew Irvine, ERM’s Global Director of Transaction Advisory said: “ERM is proud to serve as a technical advisor to GIP in support of its investment. Our global transaction advisory team helps investors navigate the US market using the team’s vast experience in offshore wind transactions around the world. This significant transaction comes at a time of rapid growth in the US sector with several offshore wind farms now under construction. It also shows investors’ continued appetite for offshore wind in the US market.”
ERM is a leading provider of offshore wind technical advisory services globally and has delivered several large scale technical due diligence assessments in the US offshore wind market.