Homecoming invests in US offshore wind port infrastructure developer CET

Zero-emission infrastructure investor Homecoming Capital has made an initial $50m (€46.3m) commitment to US offshore wind (OSW) port infrastructure developer, Clean Energy Terminals (CET).

The capital provided by Homecoming will enable CET to develop a portfolio of new and remodelled ports on the US east and west coasts.

The investment marks Homecoming’s debut in the OSW market and paves the way for continued support as CET’s project portfolio progresses.

Homecoming was founded in 2019. Its previous investments include participation in the take-private of Norwegian electric ferry operator Fjord1 and a commitment of over $100m to California-based zero-emission trucking solutions provider Forum Mobility.

Cody Evans, co-founder and partner at Homecoming, said:  “As a partner to industry-leading teams, we see first-hand the significant impact zero-emission infrastructure has on accelerating the energy transition. By developing the ports necessary to enable offshore wind, CET is poised to accelerate gigawatts of offshore wind deployment in the years to come.

“The CET team’s deep experience liaising between the private and public sectors to meet project developer, local community, and government needs, coupled with their technical and commercial expertise, makes them uniquely qualified to be the nation’s leading private offshore wind port infrastructure developer.”

CET’s CEO Brian Sabina, said: “With the US targeting 110GW of OSW capacity by 2050, including 15GW of floating wind by 2035, demand for both port infrastructure and the capital required to build it has never been greater. 

“We are proud to partner with Homecoming Capital, a mission-aligned investor who recognises the importance of port development to both the offshore wind industry specifically and to energy independence and decarbonisation at large.”

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