The Maine Department of Transportation announced on Friday that it has applied for $456 million in grant funding from the federal government.

MaineDOT officials say they hope the money can be used to help construct the East Coast’s first floating offshore wind port.

The plan is for the facility to be located on a portion of Sears Island that is currently reserved for port development.

“Maine has a once-in-a-lifetime opportunity to help transform our economy, protect our environment, create good-paying jobs, and support the generation of clean, affordable, reliable energy for Maine and the region,” said Bruce Van Note, Commissioner of the Maine Department of Transportation.

The project is expected to take-up nearly one million acres, with the potential to generate 15 GW of renewable energy. That is enough energy to power more than five million homes, according to the MaineDOT.

They also say there are currently no other ports being considered on the East Coast that could accommodate a project of this size and capacity.

A decision on this grant application is expected later this year.