BOEM Determines No Competitive Interest in Principle Power's WindFloat Pacific Project Site

Seattle, WA (USA), February 6, 2013 – Principle Power, Inc. (Principle Power) is pleased to announce that the Bureau of Ocean Energy Management (BOEM) today released its finding that there are no competitive interests for the offshore area of Oregon where Principle Power has requested a commercial lease for its “WindFloat Pacific” project. This finding clears the way under BOEM’s non-competitive leasing process for Principle Power to submit an implementation plan for the 30 MW project. WindFloat Pacific will demonstrate floating offshore wind technology and is one of the Department of Energy’s (DOE) seven Offshore Wind Advanced Technology Demonstration Projects. Further information is available on the DOE website.

The proposed lease area is located approximately 18 miles offshore Coos Bay, Oregon, and covers approximately 15 square miles, though the final project footprint will be significantly smaller. WindFloat Pacific is the first offshore wind project proposed for the West Coast of the United States and will feature Principle Power’s patented floating foundation technology, the WindFloat. Principle Power has successfully operated a WindFloat prototype, WF1 offshore of Portugal since 2011 and has delivered in excess of 8.4GWh of wind energy to the local grid.

Further details of the lease request can be found on the BOEM website.

“We are particularly grateful to Secretary Jewell for her interest in the WindFloat and this project, this determination represents another crucial milestone for the WindFloat Pacific project,” said Kevin Banister, Vice President of Business Development and Government Affairs for Principle Power and the WindFloat Pacific project manager. “We look forward to continuing to work with BOEM, agencies, and community stakeholders as we prepare our plans for the project.”