Rendering of New Bedford Foss Marine Terminal courtesy of BayCoast Bank.

Swansea-based BayCoast Bank has provided financing for a project that will redevelop a former coal-fired power plant on the New Bedford waterfront into an area that will support offshore wind turbines.

BayCoast Bank said in a statement yesterday that it has provided a $19.2 million loan to finance the redevelopment of the 30-acre site. The project will turn the decommissioned Cannon Street power station into a staging and storage area for the construction of offshore wind turbines.

Now called the New Bedford Foss Marine Terminal, the site is about 40 miles from offshore wind blocks. After a yearlong redevelopment, the New Bedford Foss Marine Terminal is expected to open in March 2023, the statement said.

BayCoast Bank said it is the sole lender in the project, adding that the project is expected to result in new marine businesses and employment opportunities.

“This project will make New Bedford one of the leading locations for the development of renewable offshore clean energy,” Carl Taber, BayCoast Bank’s executive vice president and chief lending officer, said in the statement. “In addition, it will create good jobs, help local businesses that support turbine construction workers, as well as increase revenue for ancillary businesses.”

The New Bedford Foss Marine Terminal will have 55,000 square feet of office space, 50,000 square feet of warehouse space and 23 acres of laydown yard. In addition to storage space for equipment and materials, the site will have berth facilities for tug and barge operations and will host crew transfer vessels. It will also provide support systems for service operation vessels. Other features include office space for project teams and a marine coordination center for technicians involved in offshore wind projects.

“It has been a vision for many to see this project materialize,” Andrew Saunders, president of the New Bedford Foss Marine Terminal, said in the statement. “With this investment, we will revitalize the Port of New Bedford by providing critical support to the offshore wind industry. The repurposing of this facility to support offshore wind has been a vision for many and it is great to see this project become a reality.”