Principle Power Plans First Offshore Wind in U.S. Pacific

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Principle Power Inc., a wind-energy developer backed by the Spanish oil producer Repsol SA, is planning a 30-megawatt wind farm off the Oregon coast, the first in U.S. Pacific waters.

The company received approval from the U.S. Interior Department to submit a formal proposal for the project, the agency said today in a statementBloomberg Terminal. The project will use five floating platforms with 6-megawatt turbines.