RWEOY Rwe Ag (PK)

By Pierre Bertrand

RWE AG said late on Wednesday that it has successfully bid $157.7 million for an area off California to develop floating offshore wind power generation.

The German energy company said the area, which is located 45 kilometers off the northern coast of California, has a capacity to host up to 1.6 gigawatts of wind generation, enough electricity to power 640,000 homes.

It covers five lease areas which all require the use of floating technology due to the depth of the water, RWE said.

RWE will now perform offshore studies to determine project design and submit applications required for federal, state, and local permits, it said.

The project is expected to be operational by the mid-2030s depending on permits, the company said.

It expands the company's U.S. offshore wind development portfolio to about 4.6 gigawatts.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

December 08, 2022 01:42 ET (06:42 GMT)

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