California subpoenas Golden State Wind over $120M Trump lease buyout, CEC opens investigation
California's Energy Commission has subpoenaed Golden State Wind — a joint venture of Ocean Winds and Reventus Power — for records related to a deal in which the developer agreed to cancel its 2 GW offshore wind project off California and return its federal lease in exchange for a reported $120 million payment, according to Windpower Monthly and Recharge News. The California Energy Commission is also separately investigating whether the deal between the developer and the federal government violated state law or energy-planning obligations. The episode is being tracked by regulators, trade press, and legal observers as a test case for how federal lease-exit arrangements interact with state energy mandates. Insurers and lenders with exposure to US offshore wind development-stage assets should note the legal and political risk signals.
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