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RCEA to reconstitute ad hoc panel to vet revised loan terms for 60 MW offshore “CAD demo”
Summary
The Redwood Coast Energy Authority on Oct. 23 heard a detailed briefing from project representatives seeking to amend loan terms for a 60‑megawatt floating offshore-wind demonstration known in the meeting record as the “CAD demo.”
The Redwood Coast Energy Authority on Oct. 23 heard a detailed briefing from project representatives seeking to amend loan terms for a 60‑megawatt floating offshore-wind demonstration known in the meeting record as the “CAD demo.” Project director Michael Jacobson told the board the team is asking RCEA to allow the state funding promise to serve as loan security rather than posting funds in escrow with PG&E, and pushed the agency to reconstitute a prior ad hoc committee to review revised terms.
"We actually haven't posted any money," Jacobson said, describing the agency's prior decision to hold its place in the interconnection queue without releasing funds. He said the state included $4,000,000 for the project in the May revised…
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