The profile is currenly unclaimed by the seller. All information is provided by CB Insights.

Stage

Unattributed | Alive

Total Raised

$230K

Last Raised

$230K | 7 yrs ago

About Progression Hawaii Offshore Wind

Progression Hawaii Offshore Wind is developing offshore wind energy farms for waters off Hawaii.

Progression Hawaii Offshore Wind Headquarter Location

1300 NW Northrup Street

Portland, Oregon, 97209,

United States

207-217-8246

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Latest Progression Hawaii Offshore Wind News

Feds accept lease for $1.6B Hawaii offshore wind project

Mar 9, 2016

An offshore wind power generator is seen in this file photo. Progression Hawaii Offshore… more Courtesy Alpha Wind Energy The developer of a planned $1.6 billion offshore wind farm in Hawaii waters is moving ahead with its project after federal regulators accepted the 400-megawatt project’s lease application this week, the developer confirmed to PBN Tuesday. Progression Hawaii Offshore Wind Inc. — which is owned by Portland, Oregon-based Progression Energy and involves Ted Peck , former head of the Hawaii's Energy Office — plans to develop the project 10 miles southeast of Barbers Point in West Oahu. An offshore wind power generator is seen in this file photo. Progression Hawaii Offshore… more Courtesy Alpha Wind Energy The federal Bureau of Ocean Energy Management has accepted the lease application for the project. “We’re in contact with [BOEM] regularly but they determine the schedule in terms of leasing,” Chris Swartley , a partner of Progression Energy who has more than 15 years of renewable energy experience, including a stint with First Wind, now known as SunEdison, told PBN. The 400 megawatts that will be generated is the amount of that can be integrated into the Oahu grid and gives Progression Energy economies of scale to present a good price to the Hawaii Public Utilities Commission , he said. Progression Energy, which has more than 100 meetings with over 50 stakeholders, said it has equity backers and that it is financing the development off of its balance sheet. The $1.6 billion project, which needs a power purchase agreement with Hawaiian Electric Co. , would sell electricity back to the Honolulu utility at a price below 20 cents per kilowatt-hour, without the use of a federal tax credit that has a deadline at the end of 2016. “With Hawaii having a goal of 100 percent renewable energy by 2045, our project has received more interest,” Swartley said. “Our project has the potential to supply Oahu with a quarter of its electricity needs. We only use five acres of land on Oahu. We know the ocean is a valuable resource and we will work with stakeholders to minimize impacts. Oahu does not have the land to meet its energy needs to meet that 100 percent renewable energy goal.” The project is scheduled to start construction in 2020 and have 200 megawatts online in the first quarter of 2022 and the second 200-megawatts online in the first quarter of 2023. “A lot of people will look at our project going through rough waters, but we’re keeping our eyes on the prize, delivering a renewable energy project at a stable price that benefits all customers,” Peck told PBN. One of the issues creating the rough waters is the uncertainty of the future of Hawaiian Electric Co. , with NextEra Energy Inc. looking to buy the Honolulu utility for $4.3 billion. An approval from the Hawaii Public Utilities Commission is still needed to close the deal. “We’re following that and we’re staying engaged with HECO and the PUC as we need to,” Swartley said. “We haven’t spoken directly with NextEra.” Next up for Progression Hawaii Offshore Wind is continuing to engage with the BOEM and stakeholders. “At some point in the future, [BOEM] is going to take the next steps, determining if there is competitive interest,” Swartley said. “We have a lot of work to do in terms of continued stakeholder engagement, project planning.” Denmark-based Alpha Wind Energy's projects would also be located off Oahu waters, 17 miles south of Diamond Head and 12 miles northwest of Kaena Point. Alpha Wind’s 408-megawatt project, which would include more than 100 turbines at two sites, was first reported by PBN. Duane Shimogawa covers energy, commercial real estate and development for Pacific Business News. Industries

  • Where is Progression Hawaii Offshore Wind's headquarters?

    Progression Hawaii Offshore Wind's headquarters is located at 1300 NW Northrup Street, Portland.

  • What is Progression Hawaii Offshore Wind's latest funding round?

    Progression Hawaii Offshore Wind's latest funding round is Unattributed.

  • How much did Progression Hawaii Offshore Wind raise?

    Progression Hawaii Offshore Wind raised a total of $230K.

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