The Biden administration announced on Tuesday its approval for a 924-megawatt offshore wind project that will power approximately 320,000 New York homes when it comes online in 2026. The Sunrise Wind project, developed by Ørsted and the utility Eversource, is located 30 miles east of Montauk, New York, and 18 miles south of Martha’s Vineyard. It will be the country’s seventh — and largest — major offshore wind farm. The Sunrise Wind approval marks a positive development for an industry facing inflationary pressures, increased borrowing costs, and supply chain difficulties. The seven already-approved offshore wind projects will together generate eight gigawatts of power; the Biden administration has set a goal of achieving 30 GW of offshore wind capacity by 2030.  (Bloomberg $, Reuters, E&E $, Politico Pro $, AP, Newsday)