California + Bay Area + Industrial | May 6, 2022

Offshore Wind Development Blows Closer to Reality in California

Although construction and operation remain several years away, the Bureau of Ocean Energy Management (BOEM) has taken several steps toward opening up California’s federal waters to renewable energy development. The Allen Matkins team of Eoin McCarron, Barry Epstein, and Dana Palmer report an important move forward is scheduled for the fall when BOEM holds its first least auction for offshore wind farm developers to bid for the rights.

There are two areas designated for wind development: the Humboldt Wind Energy Area, off the coast of Eureka, CA and the Morro Bay Wind Energy Area, off the state’s Central Coast. The Humboldt facility could generate enough energy to power 560,000 homes while the larger Morro Bay wind farm could supply the energy to power over 1 million residences.

While stumbling blocks remain, including an environmental review and potential legal challenges, BOEM’s lease sales in the fall is a major step towards tapping into an energy source that promises to become an important contributor to California’s energy portfolio.

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Bureau of Ocean Energy Management

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.