Wednesday, January 4, 2017
ATLANTIC CITY, N.J.
A plan to build windmills off the New Jersey coast that has already burned through nearly $11 million and remains dead in the water is being cut off from further government funding.
The U.S. Department of Energy says Fishermen’s Energy failed to meet a Dec. 31 deadline to have a power purchase agreement in place.
The department is revoking most of the $47 million in funding it pledged to the project in 2014; about $10.6 million has been spent already on preliminary work.
The project would have involved building six windmills about three miles off the coast of Atlantic City, which could have generated enough electricity to power 15,000 homes.
In a written statement to the Associated Press, the energy department said the Atlantic City project missed a key deadline.
“Under the Energy Department’s award, Fishermen’s Energy must have secured a power offtake agreement by December 31 to be eligible for another round of funding,” the department said. “The criteria were not met by that date, so we have initiated the close-out process for the project.”
Company CEO Chris Wissemann said Fishermen’s Energy hopes a last-ditch effort to secure a power deal will succeed. But if it doesn’t, he says the company will wait until New Jersey officials adopt friendlier policies toward wind energy development.