Offshore, Project Development

Offshore Wind Farm Plans Are Called Off in U.S. Gulf

Houston, Texas [The Associated Press] Plans to build what would have been the nation’s largest offshore wind farm in South Texas have been called off because the multibillion-dollar project didn’t make economic sense, the developer said Monday [June 11]. John Calaway, chief development officer for Babcock & Brown Ltd., an Australian investment bank, said the company notified the state a month ago that it was giving up its 30-year lease on nearly 40,000 acres in the Gulf of Mexico off the coast of Padre Island.