DOT to Expand Domestic Offshore Wind Supply Chain

The Department of Transportation announced a new designation for offshore wind vessels
by Staff

The new designation will allow vessels to apply for loans to increase offshore wind capacity.

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The new designation will allow vessels to apply for loans to increase offshore wind capacity.

A new program from the Department of Transportation's (DOT) Maritime Administration (MARAD) will help offshore wind vessels with funding. The Title XI Federal Ship Financing Program creates a new designation of ship for offshore wind vessels, dubbing them Vessels of National Interest. This designation comes with eligibility for federal funding and is designed to facilitate more offshore wind construction through prioritization of vessels with the National Interest designation. Deputy Transportation Secretary, Polly Trottenberg, said, "U.S. DOT is helping create both a strong domestic supply chain and a robust U.S. offshore wind industry to help bring costs down for American families and build a clean energy future." The amount of money that can be subsidized through the program is about $35 million for an individual loan. This development of offshore wind is all to support President Biden's 100% clean energy by 2035 goal.