Google and a New York financial firm have agreed to make major investments in a proposed 350-mile underwater spine which could remove some critical obstacles to wind power development. The $5 billion transmission backbone for future offshore wind farms along the Atlantic Seaboard could ultimately transform the region’s electrical map and has stirred excitement among investors, government officials and environmentalists who have been briefed on it.
Google and Good Energies, an investment firm specializing in renewable energy, have each agreed to take 37.5 percent of the equity portion of the project. They are likely to bring in additional investors, which would reduce their stakes. Marubeni, a Japanese trading company, has taken a 15 percent stake. Trans-Elect said it hoped to begin construction in 2013. Read more about Transmission for Offshore Wind