Golden State Wind is a floating offshore wind project in the early stages of development, located in the Morro Bay Wind Energy Area off California’s central coast. When fully developed, the Project is expected to generate up to 2 gigawatts (GW) of clean offshore wind energy, which is enough to power about 900,000 homes. Golden State Wind will help California meet its 100% clean electricity by 2045 goal and will bring the US closer to meeting its target of deploying 15 GW of floating offshore wind generation by 2035.
Golden State Wind is a 50/50 partnership between Ocean Winds (OW) and the Canada Pension Plan Investment Board (CPP Investments™), managed by OW.
OW is a global offshore wind company with more than 10 years of experience in the floating offshore wind sector. Created as a 50/50 joint venture of EDP Renewables and ENGIE, OW develops, builds, and operates offshore wind farms in communities around the world, based on our belief that offshore wind energy is an essential part of the global energy transition. OW, headquartered in Madrid, currently has 15 offshore wind projects in 7 countries and our total portfolio of offshore wind gross capacity in operation, under construction, or in advanced development now reaches 16.6 GW. For more information, please visit www.oceanwinds.com.
CPP Investments is a professional investment management organization that manages the Fund in the best interest of the 21 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2022, the Fund totalled $536 billion. For more information, please visit www.cppinvestments.com.
Nearly 5 million metric tons of CO2 equivalent avoided
Energy generated by Golden State Wind will contribute to state and national clean energy goals, helping California meet its 100% clean electricity by 2045 goal and bringing the US closer to meeting its target of deploying 15 GW of floating offshore wind generation by 2035
Commitment to invest $30 million in workforce development & supply chain initiatives and to encourage local manufacturing & sourcing to maximize the benefits that this emerging industry will bring to California
Dedicated to meaningful and frequent engagement with all local stakeholders who are deeply connected to the region’s coastal lands and waters
Golden State Wind is committed to building long-lasting partnerships with the region’s coastal communities and ocean users, based on a foundation of transparency, collaboration, and trust
Golden State Wind will be located in Lease Area OCS-P 0564 in the Morro Bay Wind Energy Area off of California’s central coast. This lease area is 80,418 acres and located approximately 20 miles from shore.
Bottom-fixed wind turbines can be placed in waters up to depths of approximately 50m, but the waters off the central coast of California (where this project will be located) are much deeper at approximately 900–1,300m. As a result, this lease area will only be able to accommodate floating offshore wind turbines that are designed to operate at depths greater than 50m.
Golden State Wind is managed by OW, a pioneer in the floating offshore wind industry with more than 10 years of experience across multiple projects. Floating offshore wind projects currently make up about 1/3 of OW’s total portfolio.
OW’s floating wind projects include the operational 25 MW WindFloat Atlantic project in Portugal, which is Europe’s first floating wind farm, and the 30 MW EFGL project in France, which is now under construction. OW plans to continue building on its extensive experience in this sector through 5.6 GW of floating offshore wind projects (including Golden State Wind) that are under advanced development in Korea, the US, and the UK.
Golden State Wind will generate local clean energy, avoiding millions of tons of harmful greenhouse gas emissions, improving air quality, and mitigating the impacts of climate change. In addition to the environmental benefits, the Project will also support the growth of a domestic supply chain, create jobs, and drive significant economic development.