California probes Golden State Wind's $120M Trump buyout
Type: Investment · Technology: Offshore Wind · Country: United States · Capacity: 2 GW · Announced: 2026-05-05
California officials have issued a subpoena to Golden State Wind, a joint venture between Ocean Winds and Reventus Power, which had agreed to scrap its planned 2GW offshore wind project off California and invest its lease payment in fossil fuels instead. The project, valued at $120M, was initially intended to support California's renewable energy goals. However, the decision to abandon the project and invest in fossil fuels has raised concerns among state officials. Golden State Wind's parent companies, Ocean Winds and Reventus Power, will likely face scrutiny over their involvement in the project. The investigation is expected to examine the circumstances surrounding the project's cancellation and the subsequent investment in fossil fuels. The deal has material implications for California's energy landscape and the future of offshore wind development in the state.
Counterparties
- Ocean Winds (Parent Company)
- Reventus Power (Parent Company)
- Golden State Wind (Developer)