Could a $900m bid buy a piece of New York seabed?

The ‘biggest offshore wind lease sale’ in the US has secured $3bn bids so far

Big Zero Report 2022

Companies have so far pledged billions for the rights to build offshore wind farms in a stretch of the Atlantic between New York and New Jersey.

As of 24th February, bids exceeded $3.35 billion (£2.5bn) in the New York Bight flagship offshore wind auction.

The highest bid has been $900 million (£671m) for a lease area located off the coast of New Jersey.

Bidders plan to build wind farms in one of the six rental zones.

The auction, the first which takes place under the Biden administration, aims to sell seabed rights for more than 488,000 acres.

The lease areas are predicted to generate enough energy to power nearly two million homes.

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