The U.S. offshore wind sector has 22 GW of potential by 2035 and 86 GW by 2050. This will require $55 billion to $88 billion of capital to be raised by 2035. Highly leveraged capital structures and low-risk, quasi-regulated revenue streams have driven the offshore wind build-out in Europe. These have also drawn in risk-averse, low cost of capital investors, and the EU has raised €85 billion of capital for offshore wind since 2010. Will project finance models and/or balance sheet funding models prove dominant in the U.S.?

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