U.S. Department of Energy Supports Oregon Offshore Wind with Grant Accelerating Development of WindFloat Pacific Project

Seattle, WA (USA), May 7, 2014 – Principle Power, Inc. (Principle Power) is pleased to announce The U.S. Department of Energy (DOE) today selected the WindFloat Pacific project for up to $47 million in matching grant funding to accelerate the development of the 30-megawatt floating offshore wind farm proposed for the deep waters off Coos Bay, Oregon.

“The Department of Energy’s support will not only advance a new industry with significant job creation potential but also ensures that offshore wind will be a part of the energy mix for the West Coast, ready for commercial deployment as energy demand and our preference for non-fossil resources continue to grow,” said Alla Weinstein, Principle Power’s Chief Executive Officer.

Also today, Principle Power and Deepwater Wind announced an agreement to complete the development of the WindFloat Pacific project. Deepwater Wind is America’s leading offshore wind developer, whose Block Island Wind Farm – located off the coast of Rhode Island – is on target to be the nation’s first offshore wind farm.

“We’re thrilled to join forces with Principle Power, whose advanced technology allows us to harness the tremendous wind resource in deep waters, especially off the US west coast,” said Deepwater Wind CEO Jeffrey Grybowski. “We applaud the Department of Energy for their continuing commitment to supporting innovative projects like this one.”

“Having Deepwater Wind as a project developer brings together accomplishments and expertise – Principle Power’s proven technology and Deepwater’s experienced energy team. We are excited to be working with the nation’s leading offshore wind developer,” Weinstein said.

The 5-turbine WindFloat Pacific project – the first offshore wind farm proposed for the West Coast of the United States – will be located in 350-meter deep waters, out of sight from land, where the winds are stronger and more consistent. The WindFloat provides for cost-effective construction, assembly, and commissioning, completed entirely onshore, and avoids seabed foundations and pilings. The US Bureau of Ocean Energy Management in February released a determination of no competitive interest for the proposed lease area and is proceeding with a non-competitive lease issuance.

Principle Power has successfully designed, constructed, installed, and operated a WindFloat prototype off the coast of Portugal since 2011, where it has delivered in excess of 9GWh of wind energy to the local grid.

The DOE announcement can be found here.

About Principle Power
Principle Power, www.principlepowerinc.com, is a US technology developer based in Seattle, WA, focused on the offshore wind energy market. Principle Power's enabling product, a patented floating wind turbine support structure called the WindFloat, permits the siting of offshore wind turbines in water depths greater than 40m, thus exploiting the world's highest capacity wind resources. Offshore wind installations in these water depths have not been feasible, to date, due to economic and technological limitations. A 2MW prototype of the WindFloat is currently operating offshore of Portugal and is the first offshore wind turbine to be installed without the use of heavy lift equipment.

About Deepwater Wind 
Deepwater Wind is America’s leading offshore wind and transmission developer, actively developing projects off both the East and West Coasts. The Company is led by a veteran management team with extensive experience in developing renewable-energy projects throughout the United States. The Company is actively planning offshore wind projects to serve multiple markets, including New York, New England, New Jersey, and Oregon. The Company’s Block Island Wind Farm is on target to become the nation’s first offshore wind farm. Visit www.dwwind.com for more info, or follow us on Twitter @DeepwaterWind.