Zero-emission infrastructure investor Homecoming Capital has made an initial $50m commitment to US offshore wind port infrastructure development firm Clean Energy Terminals (CET).
CET will use Homecoming’s investment to execute early-stage development work on a portfolio of newbuild and redeveloped offshore wind ports along the US east and west coasts. Upon completion, the projects will address the port infrastructure gap currently constraining the US offshore wind industry.
The Clean Energy team will be working in partnership with public port authorities, harbour districts, and municipalities to develop port projects in a community-oriented and environmentally responsible way.
“With the US targeting 110GW of offshore wind capacity by 2050, including 15GW of floating wind by 2035, demand for both port infrastructure and the capital required to build it has never been greater,” said Brian Sabina, CEO of CET.
“We are proud to partner with Homecoming, a mission-aligned investor who recognizes the importance of port development to both the offshore wind industry specifically and to energy independence and decarbonization at large,” he added.
Since it was founded in 2019, Homecoming has invested in power, transportation, and industrial companies that are rewiring the economy with zero-emission infrastructure.
Previous investments include participation in the take-private of Fjord, the Norwegian electric ferry operator, and a more than $100m commitment to Forum Mobility, a California-based zero-emission trucking solutions provider.
Homecoming’s investment in CET is its first in the offshore wind market, and the firm is prepared to provide additional capital to the company as its project portfolio matures.
“By developing the ports necessary to enable offshore wind, CET is poised to accelerate gigawatts of offshore wind deployment in the years to come,” stated Cody Evans, co-founder and partner at Homecoming.
