Fred. Olsen Renewables to develop offshore wind project in Cleveland

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Fred. Olsen Renewables to develop offshore wind project in Cleveland

According to the Cleveland Plain Dealer, Norway's Fred. Olsen Renewables AS has agreed to overtake the development of a 20 MW offshore wind project in Cleveland, United States, from the non-profit organization Lake Erie Energy Development Co, or LEEDco.

Fred. Olsen, who signed a deal to buy project-related research assets from LEEDco or an undisclosed price, has already incorporated a US subsidiary to develop the $120-million six-turbine pilot project planned for Lake Erie in Cleveland.

The company could get a US$40 million from the US Department of Energy next summer and it would be already in talks with a potential financier for the project. 

According to sources, the project would be the first one of Lake Erie’s roughly 5-GW potential.

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