PVRE’s proposed 1,100 Megawatt offshore wind farm will be the first project to offer to join the exciting transmission opportunity of the AWC Grid, which needs wind farm developers’ participation.
The Google backed AWC smart grid project removes a major cost barrier to scaling up PVRE’s ambitious Atlantic offshore wind plans by enabling PVRE’s planned wind farm to be built for less.
PVRE’s project would be the largest offshore wind farm in America to date — the size of a nuclear power plant — and generate approximately $500 million per year clean wind energy, enough to power 300,000 New Jersey homes and much of Google’s data center needs.
New Jersey currently suffers high priced electricity, averaging 15 cents/kWh. This project could help ultimately lower power costs to consumers and reduce blackouts.
PVRE plans to use proprietary Accelerated Wind technology, which promises to dramatically lower offshore wind production costs from 12-14 cents/kWh to projected life-cycle costs of 5-8 cents/kWh, making offshore wind power cheaper than fossil fuels and thus helping achieve Google’s objective of lowering renewable energy costs.
This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements regarding our current business plans, strategies and objectives that involve risks and uncertainties that could cause actual results to differ materially from anticipated results. The forward-looking statements are based on our current expectations and what we believe are reasonable assumptions. However, our actual performance, results and achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Factors, within and beyond our control, that could cause or contribute to such differences include, among others, the following: risks associated with exploration, competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, commercial agreements, acquisitions and strategic transactions, government regulation and taxation.