Danish energy giant Ørsted has entered into an agreement with the Port of Virginia to lease a part of the Portsmouth Marine Terminal for offshore wind staging materials and equipment. The agreement was announced by the Governor of Virginia, Ralph Northam yesterday (28th January 2020). Ørsted could use the site as it works on Dominion Energy’s notable pilot, the 12 MW Coastal Virginia Offshore Wind (CVOW) project, as well as on future projects. Once executed, the lease will not expire before 2026, meaning that it covers a period in which Ørsted plans to install at least 3 GW of wind energy in the US. As well as covering an initial least of 1.7 acres, the agreement includes options to expand to an additional 40 acres. Lease payments could end up valued in the region of $13 million and site upgrades are expected to exceed the $20 million mark. “This is a big step towards making Virginia a leader in wind energy and offshore wind manufacturing,” said Governor Northam. “With the Port of Virginia at its helm, the Hampton Roads region has the trained workforce and the nautical know-how to become a vital hub for offshore wind development. We welcome Ørsted and look forward to the tremendous opportunities ahead of us.” For more information on offshore wind farms worldwide, click here.