The levelized cost of energy for an offshore wind plant consisting of floating vertical-axis wind turbines is studied in this report. A 5 MW Darrieus vertical-axis wind turbine rotor is used as the study turbine as this architecture was determined to have the greatest ability to reduce the system cost. The rotor structural design was used with blade manufacturing cost model studies to estimate its cost. A two-bladed, carbon fiber rotor was selected in this analysis since the lower topside mass resulted in a reduction of the platform costs which exceeded the increased rotor cost. A directdrive, medium efficiency drivetrain was designed which represents 25% of the costs and 45% of the mass of the combined rotor/drivetrain system. A direct-drive, permanent magnet generator drivetrain was selected due to the improved reliability of this type of system, while the cost was not significantly higher than for geared drivetrains. A platform was designed by first identifying the optimal architecture for the vertical-axis wind turbine at a water depth of 150 m. A survey was performed of floating platform types, and six characteristic designs were analyzed which span the range of stability mechanisms available to floating systems. A multi-cellular tension-leg platform was identified as the lowest cost platform which additionally provided some interesting performance benefits. The small motions of the tension-leg platform benefit the system energy capture while limiting inertial loads placed on the rotor's tower and blades. A final design was produced for the multi-cellular tension-leg platform considering operational fatigue, storm wind and wave conditions, and tow-out design cases. The driving design load was stability during tow-out while