Internet giant Google (Nasdaq: GOOG) has signed an agreement to invest in the development of a "backbone transmission project" off the Mid-Atlantic coast that is expected to accelerate the development of offshore wind power.
The company made the announcement on its corporate blog, noting that the Atlantic Wind Connection (AWC) project will stretch 350 miles off the coast from New Jersey to Virginia and will be capable of connect 6,000 megawatts (MW) of offshore wind turbines and delivering their power output to grid hubs along the coast.
According to the post, the project is led by independent transmission company Trans-Elect and is financed by Google, Good Energies and Marubeni Corporation (MARUY.PK).
Google is investing 37.5% of the equity in this initial development stage–which is expected to be only a fraction of the total cost. Google gave no specific dollar figures, however the New York Times reported the cost of the project at $5 billion.
Google noted that the project is a "calculated risk" owing in part to the fact that no offshore wind farms have been developed in the region to date. However approximately 13 have been proposed, and Google said the project offers a "solid financial return" and is both "good business and good for the environment."
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This will never happen. Too many threatened, endangered or nearly extinct marine animals that migrate in this ocean habitat. It is not about what we build, but what we do not destroy. The ocean need to heal itself for this planet to survive.