The Business Network for Offshore Wind, the leading national organization working to accelerate the offshore wind energy deployment and build a dedicated supply chain, welcomes the announcement by the U.S. Department of Treasury that provides needed clarity on how the Inflation Reduction Act’s ten percent Domestic Content Bonus will be implemented. This guidance is critical to the growing U.S. offshore wind industry as major supply chain investment decisions are currently being considered. 

Today’s guidance follows a strong first quarter for the burgeoning U.S. offshore wind industry. A recently released report shows that the first quarter of 2023 was marked by a flurry of state activity that is stimulating new manufacturing investments but warned that more work is needed to advance the supply chain. The U.S. Offshore Wind Quarterly Market Report highlights key metrics from federal and state government efforts and the resulting impacts on advancing the U.S. offshore wind industry as it moves towards its first commercial-scale wind projects. Today’s IRA guidance is the first step to unlocking the billions of dollars of potential growth that will benefit local economies and workforce. 

The following statement can be attributed to Liz Burdock, founder and CEO of the Business Network for Offshore Wind:

“Today's guidance from the Treasury Department provides necessary certainty for the development of a robust offshore wind supply chain in America. Thanks to the Biden-Harris Administration’s prioritizion of this important guidance, the offshore wind industry can better plan for and utilize the benefits of the Inflation Reduction Act. The Business Network looks forward to continuing to work with the administration as this rule is finalized – as well as other domestic manufacturing incentives already passed by Congress.”

Additional Information:

• U.S. Offshore Wind Quarterly Market Report
• NREL Supply Chain Roadmap

Business Network for Offshore Wind | offshorewindus.org