Maryland Offshore Wind Project Supporting Apollo’s decision to invest in East Coast offshore wind project MarWin

Offshore wind

What was the aim of the work? 

Natural Power supported Apollo Global Management’s investment decision to commit up to $265 million of convertible debt and equity to acquire an equity stake in US wind, an offshore wind energy development company. Apollo requested Natural Power conduct a technical due diligence review of the proposed 270 MW Maryland offshore wind project (MarWin). The plan is for this offshore wind project to be located approximately 17 miles from the coast of Ocean City, Maryland. It is one of the early offshore wind projects in the United States and at the center of US Wind’s development plans in the upcoming years.  

What was the outcome? 

Our efforts helped support Apollo’s decision to make this significant investment into a high-profile East Coast offshore wind project. 

What did Natural Power do to get this result? 

Our Advisory team delivered a thorough review of the project’s technical, commercial and permitting characteristics. The assessment included: 

  • an Energy Yield Assessment 

  • a construction plan review 

  • a review of the development status, focusing on key milestone and schedule risks. 


A thorough review of project risks and preliminary output was needed to help Apollo decide whether to finance the MarWin project. Natural Power’s work on behalf of Apollo helped inform their decision to invest in the project while highlighting risks and uncertainties surrounding the MarWin project and investment in US Wind. 

The status of key environmental permits and applications, as well as plans for necessary site studies, were given particular attention as they are critical in the Bureau of Ocean Energy Management’s (BOEM) approval criteria. To complete the review, we provided: 

  • an assessment of the project’s proposed design and technology, bids and contracts for key services 

  • OPEX and CAPEX estimates 

  • an operational strategy 

  • health and safety plans. 


Due to the relatively new (at the time) offshore wind siting, permitting and approval process, we focused on development of both the site assessment plan (SAP) and the construction operations plan (COP). At the time of the review, neither an SAP nor COP had reached approval status since the Block Island Wind project. The MarWin project is currently progressing through the BOEM approval process and expected to reach COD in the upcoming years.