The project, which is set to use Siemens 6MW turbines, could be the first offshore wind project to be built in the west coast's deep waters. WindFloat is a semi-submersible floating platform.
The project was one of three to receive up to an additional $47 million this week from the US Department of Energy to accelerate development.
As part of the deal, the selected sites need to meet several deadlines and be online by 2017.
The two other recipients of the funding are Fishermen's Energy 25MW Atlantic City project and Dominion Virginia Power's 12MW development, both located on the east coast.
Deepwater Wind is currently developing the 30MW Block Island site, off Rhode Island, also on the east coast.