Offshore wind developers worry that state will divert funds
The state’s efforts to develop offshore wind farms along the Jersey coast have run into an “unexpected” snag — fears that revenues targeted to projects for generating electricity may be diverted to cope with New Jersey’s budget problems.
The concern has stalled efforts to establish a financing mechanism to help make the projects economically feasible, so much so the state is on the verge of hiring a consultant to try and resolve the issue.
Unless the problem is resolved, no banks would be willing to provide the financing to construct the wind farms, which will cost more than $1 billion, according to people involved in the effort. (Johnson, NJ Spotlight)
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