Deepwater Wind - Energy Highway

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! ! Sources of Financing The project will be funded with private capital. Deepwater’s management and investors have raised over $7 billion of capital for transmission and renewable energy projects over the last five years and are active in the debt and equity markets for projects such as this. The Project’s equity requirements will be funded by equity investments from existing investors and, if necessary, new investors. Deepwater anticipates two potential sources of debt financing. Deepwater has been engaged in negotiations with potential turbine suppliers, and has had initial discussions with representatives of such turbine suppliers to arrange for export credit financing for the turbines. In addition, Deepwater will pursue a conventional project finance debt arrangement, as is conventional with renewable projects. ! 15
! ! V. Permitting and Approval Processes The Project’s Permitting Advantages Deepwater’s Project is subject to both federal and state permitting processes. However, the Project enjoys a considerable advantage over any other utility-scale offshore wind plant that is capable of serving New York. Rhode Island invested over $10 million in collecting scientific data and engaging key stakeholders in an ocean zone that includes the Project site. The state concluded in its Ocean Special Area Management Plan (Ocean SAMP) that the Project site is the best location for offshore energy production in the ocean zone studied in federal waters south of the Rhode Island and Massachusetts coasts. This Ocean SAMP has subsequently been accepted by the National Oceanic and Atmospheric Administration, the effect of which is to speed the federal permitting process in the Project site because of this extensive "pre permitting" work done by the state. In this regard, the Project site is in a unique position among all offshore energy project sites on the east coast. Further, Deepwater is also in a unique position among developers of federal waters projects on the east coast as a result of its preferred position in the Project site under its agreement with Rhode Island. The federal leasing process specifically includes a leasing process for states such as Rhode Island that have already conducted competitive solicitations. For these reasons, the Project can be executed to meet a 2017 commercial operation date for the first offshore wind turbines, ahead of any other offshore wind farm proposed for New York. Federal Permitting Requirements for the Project The primary federal permit and overall regulatory driver for the Project is a commercial lease from the U.S. Department of the Interior’s Bureau of Ocean Energy Management (BOEM). The Outer Continental Shelf Lands Act (OSCLA) delegated authority to the Department of Interior to manage submerged lands on the OCS. The Energy Policy Act of 2005 further gave the Department of Interior authority, subsequently delegated to BOEM, for issuing submerged lands leases for alternative energy development on the OCS. Under the Final Rule adopted in April 2009 (33 CFR Parts 250, 285, 290), BOEM may issue commercial leases (30-year term) that provide full rights to use the OCS for energy production and generation. These leases include project easements that are necessary for transmission cables and lines associated with the Project. The other primary federal permit will be an Individual Permit from the U.S. Army Corps of Engineers (USACE). USACE is expected to be a cooperating agency under NEPA to satisfy the NEPA requirements for the Individual Permit. The Wind Plant will require an ! 16
Page 2 and 3: BY COURIER AND ELECTRONIC MAIL May
Page 4 and 5: ! Executive Summary ! Enabled by th
Page 6 and 7: ! ! A final longer-term phase of de
Page 8 and 9: ! ! The Board of Managers also incl
Page 10 and 11: ! II. ! Project Description The Dee
Page 12 and 13: ! ! additional power will be divert
Page 14 and 15: ! ! As estimated by the New York St
Page 16 and 17: ! Environmental Benefits ! Improved
Page 20 and 21: ! ! approved Private Aid to Navigat
Page 22 and 23: ! VI. Interconnection ! Deepwater h
Page 24 and 25: ! VII. Technical ! The Project’s
Page 26 and 27: ! VII. Construction & Design Projec
Page 28 and 29: ! ! VIII. Socio-economic Considerat
Page 30 and 31: ! IX. Project Status ! On March 31,
Page 32 and 33: ! XI. Other Considerations ! Future
Page 34: ! ! Interconnections In New York, S

Deepwater Wind - Energy Highway

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