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Bidding for Offshore Wind Farm by Martha’s Vineyard Hits $405 Million

Dec. 14, 2018, 8:17 PM

Three companies bid a record-shattering $405 million Dec. 14 to nab U.S. rights to build offshore wind facilities off the Massachusetts coast, a testament to the surging appeal of renewable power and investors’ growing confidence in demand for it.

Equinor Wind US LLC, Mayflower Wind Energy LLC, and Vineyard Wind LLC each pledged $135 million to secure individual leases from the U.S. government, drawn by state commitments to buy offshore wind power.

The auction raked in more than nine times the previous high-water mark, a 2016 sale of an offshore wind lease near New York for $42.47 million. Each of ...

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