Economic Benefits
The offshore wind industry fuels major economic growth. Investments in ports, job training and supply chain development provide positive ripple effects across local, state, and regional economies.
SouthCoast Wind will provide continuous, long-term impacts on job creation and economic opportunities in Southern New England.
- Thousands of direct, good-paying full-time equivalent jobs and supply chain growth across all phases of development, construction, and operations
- SouthCoast Wind has signed a Memorandum of Understanding (MOU) with the North America’s Building Trades Unions (NABTU) and the United Brotherhood of Carpenters to sign Project labor agreements (PLA) for key scopes of Project delivery with local unions. SouthCoast Wind plans to utilize skilled trades as much as possible—and support trades through community partnerships and investments to fund training and diversification.
- Construction of the landfall, underground cabling, and onshore substations will create demand for qualified local contractors with spillover to local retail and hospitality businesses. SouthCoast Wind will consider opportunities for local supplier delivery of Project execution, and review Project scopes down to the line-item to identify specific ways local and diverse suppliers can engage at Tier 2+ and partner with Tier 1 suppliers.
- Brayton Point, former site of a coal-fired power plant, will be upgraded to safely onshore over 2.4 GW of offshore wind carbon-free electricity, as part of the $575M redevelopment of the 300-acre site.
- Substantial revenue generated at all levels of government through taxes and other payments:
- The United States government has received $135 million for the federal offshore lease payment
- Municipalities in Massachusetts and Rhode Island will benefit from increased business activity, taxes, and other revenue sources
Portsmouth Host Community Agreement
SouthCoast Wind has entered into a host community agreement (HCA) with the Town of Portsmouth, Rhode Island. The agreement was voted on and approved by the Portsmouth Town Council at a special public meeting held January 16, 2024. The HCA locks in a payment of $23 million over 33 years to the community, providing certainty via fixed payment in lieu of taxes (PILOT) for the first ten years after start of construction. The funding will support Town efforts to fund climate resiliency or other beneficial projects in the community.
SouthCoast Wind has made cost-effective and comprehensive investments across Massachusetts and Rhode Island to support a durable offshore wind industry, with focus on historically disadvantaged communities. We are striving to foster diversity, equity, and inclusion in all our endeavors.
