Deepwater Wind to submit bid in response to New York Power Authority, Con Edison's plans to lease site about 13 miles off New York City coast to develop 350-MW to 700-MW wind farm; companies to hold competition to select developer

PROVIDENCE, Rhode Island , September 16, 2011 (press release) – Project Would Supply New York City and Long Island with Utility-Scale Renewable Energy Solution and Offshore Transmission System

Proposal Could Be Part of Strategy to Replace Indian Point Nuclear Facility With Renewables and Other Power Sources

Deepwater Wind hailed today’s announcement by the New York Power Authority (NYPA) to jumpstart the process for developing a large offshore wind farm to serve downstate New York.

NYPA has filed an application with the United States Department of the Interior to lease an offshore site at least 13 miles south of New York City and the western end of Long Island. NYPA also announced that it will conduct a competition to select a developer to build a utility-scale offshore wind farm of up to 700 megawatts of power at that site – a competition that Deepwater Wind will enter.

“This is tremendously exciting news for New York and for the entire renewable energy industry,” said William M. Moore, Deepwater Wind’s CEO. “We congratulate the state of New York for taking this bold and important step to advance offshore wind development.

“Deepwater Wind will submit a bid in this state competition,” Moore added. “We have invested considerable resources over the last several years in preparing our proposal for a utility-scale wind farm to serve New York City and Long Island, and we’re eager and ready to move forward.”

In addition to Deepwater Wind’s bid to build the utility-scale wind farm, Deepwater Wind is developing an innovative, high-voltage transmission system connecting the offshore wind farm to both New York and northern New Jersey. This transmission system – the SMRT Line (Submarine Regional Transmission Line) – will allow Deepwater Wind to supply New York with “firm power,” delivering a steady, reliable energy flow to New York, just like a base load plant.

Deepwater Wind has already identified and applied for interconnection positions for SMRT Line in New York City, Long Island, and New Jersey. SMRT Line is currently being studied by the New York Independent System Operator and the PJM Interconnection.

“By combining a utility-scale offshore wind farm with a regional transmission network, we can deliver firm power to address the area’s electricity demand, and be part of a broader strategy to replace the Indian Point nuclear plant with renewable and other sources of energy at costs that would be close to competitive with new fossil fuel generation,” Moore said.

For several years, DWW has been actively developing utility-scale offshore wind projects to serve NYC and Long Island, including one planned for the site nominated by the NYPA Collaborative. DWW has completed numerous environmental, construction and interconnection feasibility, wind resource and market impact studies for this site.

Offshore wind represents the area’s most abundant and cost-effective clean energy resource. The development of offshore wind will create a new sustainable maritime industry in New York City and will ensure that the ratepayer’s dollars are reinvested in the economy of New York City and Long Island.

About Deepwater Wind

Deepwater Wind is a Providence, Rhode Island-based offshore wind developer. The Company is led by a veteran management team with extensive experience in developing renewable-energy projects in the northeastern United States. The Company is actively planning offshore wind projects to serve multiple East Coast markets located 15 to 25 miles offshore, including Massachusetts, Rhode Island, New York and New Jersey. For its projects serving New Jersey, Deepwater Wind has formed Garden State Offshore Energy in partnership with PSEG Global, a wholly owned subsidiary of PSEG (NYSE: PEG). The Block Island Wind Farm, one of two Rhode Island offshore wind farms being developed by Deepwater Wind, is on target to become the nation’s first offshore wind farm. Visit www.dwwind.com for more info.

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