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Meridian Bay Offshore Wind Project — Interim Status Report

Project Overview
The Meridian Bay Offshore Wind Project is a 480-megawatt offshore wind installation located 22 miles off the coast of Port Harwick, developed by Northgate Renewable Partners in partnership with the regional transmission authority. The project comprises 48 turbines, each rated at 10 megawatts, arranged across a 36-square-mile lease area in federal waters.

Construction Progress
As of this reporting period, 31 of the 48 turbine foundations have been installed. Submarine cable installation connecting the array to the Port Harwick substation is approximately 70 percent complete. The onshore substation upgrade, budgeted at 42 million dollars, remains on schedule for completion in March 2027.

Budget and Timeline
Total project capital expenditure is estimated at 1.8 billion dollars, of which 1.1 billion dollars has been committed to date. The project reached financial close in June 2024 and is targeting commercial operation by the fourth quarter of 2027, six months later than the original 2026 target due to vessel availability constraints affecting foundation installation.

Environmental and Permitting
The project operates under a permit issued by the federal Bureau of Ocean Energy Management, with ongoing environmental monitoring focused on North Atlantic right whale migration patterns. A seasonal construction moratorium from November through April restricts pile-driving activity to protect marine mammals during peak migration months.

Workforce and Local Impact
The project has created approximately 640 direct construction jobs and is expected to support 85 permanent operations and maintenance positions once operational. Northgate Renewable Partners has committed to sourcing at least 20 percent of major components from domestic manufacturers under the project's supply chain agreements.

Outlook
Upon completion, Meridian Bay is expected to generate enough electricity to power approximately 320,000 homes annually, contributing toward the region's goal of sourcing 70 percent of electricity from renewable sources by 2030.