U.S. Department of Transportation's Maritime Administration recently announced priority financing for offshore wind vessels as an investment in the next generation.
MARAD noted offshore wind vessels are now designated as Vessels of National Interest, which makes them eligible for financial support via the Title XI Federal Ship Financing Program, according to a June 24 news release. This designation is intended to facilitate more offshore wind construction and and prioritize applications for those projects for Title XI review and funding.
"From modernizing our ports to investing in the U.S. shipbuilding industry to educating the next generation of mariners who will help advance these wind projects," Deputy Transportation Secretary Polly Trottenberg said in the news release. "U.S. DOT is helping create both a strong domestic supply chain and a robust U.S. offshore wind industry to help bring costs down for American families and build a clean energy future."
Title XI is intended to assist domestic shipbuilding by supporting U.S. shipyards to modernize facilities, build and retrofit vessels and to provide shipowners with cost-effective purchases of new, domestically produced vessels.
"It can provide a full faith and credit loan at longer terms and a lower interest rate than traditional private loans," the news release said. As of June 24, Title XI has provided $9.3 billion in loan guarantees.
"We're excited that some American shipyards have already secured contracts to build vessels to service offshore wind developments," Maritime Administrator Ann Phillips said in the news release. "By growing this industry, we further support essential offshore wind installations, and continue to add jobs and strengthen our important domestic industrial base, including our shipyards and shipbuilding industry."
Anyone who would like more information about the new Federal-State Offshore Wind Implementation Partnership may review the White House Fact Sheet on the topic. For more information about how to apply as a Vessel of National Interest, visit that webpage on DOT/MARAD's website.
