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    Ocean Winds wins auction and will develop up to 2 GW floating offshore wind project in California


    December 8, 2022 - CE Noticias Financieras

     

      Ocean Winds - a consortium owned equally by EDP Renováveis and France's Engie - and the Canada Pension Plan Investment Board will develop an offshore wind project that could reach up to 2 GW of capacity off the central coast of California, EDP informed the Portuguese Securities Market Commission (CMVM).

      At stake is a license with the management rights to 32.5 thousand hectares in that area, awarded in an auction by the U.S. Bureau of Ocean Energy Management (BOEM), for five offshore areas, being the first sale of floating offshore wind leases in the United States and the first on the West Coast.

      "EDP - Energias de Portugal, through its 74.98% owned subsidiary EDP Renováveis, S.A., announces that Golden State Wind, a 50:50 joint venture owned by Ocean Winds, and Canada Pension Plan Investment Board (CPP Investments), has been named as the winning bidder for an 80,418-acre area for a price of USD 150.3 million, which can reach up to 2 GW of capacity, in the Morro Bay area on California's Central Coast," the CMVM reports in a statement released this morning.

      According to EDP, this area can accommodate 2 GW of offshore wind energy, generating enough energy to power the equivalent of 900,000 homes once it is operational,

      The choice increases the visibility of Ocean Winds' growth in this segment, "with capacity in operation, contracted or with grid connection rights reaching 16.6 GW, thus broadening and diversifying EDP's long-term profitable growth options while maintaining a balanced risk profile," is highlighted in the same CMVM statement.

      "Thus, this project will help the US meet its goal of 15 GW of floating offshore wind generation by 2035 and California to implement 5 GW by 2030," explains the company in a note published about the project.

      According to "Reuters", the auction that took place between Tuesday and Wednesday generated revenues of $757.1 million (720.63 million euros) for California.

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