United States

United States

LeedCo confirms Icebreaker sale

UNITED STATES: Lake Erie Energy Development Company (LeedCo), the developer behind the 19.2MW Icebreaker offshore project in Lake Erie, Ohio, has confirmed Fred Olsen Renewables is set to acquire the project.

The Icebreaker project will be installed in Lake Erie, near Cleveland, Ohio
The Icebreaker project will be installed in Lake Erie, near Cleveland, Ohio

The deal with the renewable energy development arm of the Norwegian shipping company is expected to be completed in the first quarter of 2016, but financial details have not been revealed.

LeedCo president Lorry Wagner said the consortium would continue to support the development of the project.

"Fred Olsen Renewables is investing early stage development capital to de-risk the project and get it to financial close," Wagner told Windpower Monthly.

"It is anticipated that a typical project finance structure will be used, and Fred Olsen Renewables will then decide what equity participation they will take. At that time, they will determine whether or not they will seek other equity partners," he added.

The project is located 11km from Cleveland, Ohio, northern US.

Fred Olsen's vessels business Windcarrier joined the project in November 2014 to help devise an installation strategy for the project.

In June this year, LeedCo seletected Fred Olsen subsidiary Universal Foundation to supply its mono bucket foundations to the site, located in 18-metre deep waters.

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