CADEMO Corporation, established by Floventis, and California Community Power (CC Power) have signed a memorandum of understanding (MoU) to facilitate the development of the 60 MW floating wind project off the California coast.
The MoU is intended to establish a collaborative engagement between CC Power, a joint powers authority that conducts joint power procurement on behalf of nine California Community Choice Aggregators (CCA), and CADEMO to support the development of the CADEMO project as California’s first offshore wind project.
Through the MoU engagement, CC Power aims to learn about the drivers of key costs in offshore wind development to build support for appropriate policies that balance local investment, jobs and community considerations, greater renewable energy penetration, and electricity affordability.
CC Power and CADEMO anticipate, in collaboration with CC Power’s CCA members, engaging with local communities to ensure the CADEMO project ‘gets built right’ by facilitating community stakeholder sessions and acknowledging and integrating the perspectives of various local community members into the project’s development
CC Power and CADEMO endeavor to apply for grants, incentives, and other support to minimize the cost of offtake from the CADEMO project while maximizing the value of the project’s power output.
These efforts comprise a roadmap intended to drive the parties toward the potential for a power purchase agreement (PPA) between the parties, with the energy benefits and costs flowing to the participating CC Power member CCAs.
The project will be located off the coast of Vandenberg Space Force Base, near Lompoc, in California state waters. It is targeting a commercial operation date in 2028, which would position it to come online several years ahead of other planned offshore wind projects proposed in federally leased waters off the California coast.
The project is expected to include four turbines, totaling 60 MW, and is expected to produce about 200 GWh/year of zero-emission renewable energy.
CADEMO Corporation was established by Floventis, the project developer, which is a joint venture between Cierco, the developer of onshore and offshore wind energy, and SBM Offshore, a major global producer of floating offshore energy systems.