Floating Offshore Wind: EDP Group Transfers Stake in Principle Power to Ocean Winds
EDP Group agreed with Ocean Winds (OW), the joint venture created by EDP Renewables and ENGIE dedicated to offshore wind, to transfer EDP’s position in floating wind design firm Principle Power to OW.
Principle Power is specialized in the design of floating structures to support offshore wind turbines that can be used in deeper waters.
EDP and Principle Power began collaborating in 2009 to develop the first floating wind farm off the European coast, and in 2011, Principle Power and EDP successfully deployed a prototype with a 2 MW wind turbine installed on a floating platform off Póvoa de Varzim, in the North of Portugal. This was the first full-scale floating offshore wind pilot in semi-submersible technology and the structure underwent testing against waves of more than 17 meters and strong gusts of wind.
The WindFloat 1 (WF1) proved the viability of the technology and was subsequently replicated on a pre-commercial scale in Portugal with the Windfloat Atlantic project, the first floating project with access to project finance and the only offshore wind project on the Portuguese coast with 25 MW of installed capacity.
“With a third of its 16.6 GW of offshore wind projects representing floating wind, Ocean Winds acquisition of EDP’s 25,4% stake in Principle Power provides a competitive advantage to its floating wind pipeline development and strengthens its position as leader in the rapidly growing offshore wind power generation market. With this transaction and adding to its previous ownership, Ocean Winds now holds a total of 36.25% of Principle Power,” Ocean Winds said.
Ocean Winds is working with Principle Power’s technology to advance major floating offshore wind projects in its portfolio with notable examples, including France (30 MW under construction) and South Korea (1.2 GW in advanced development).
“As floating technology unlocks offshore wind opportunities in areas and countries where sea depths are more than 60 meters, strengthening its shareholdings of Principle Power reinforces Ocean Winds’ ideal position in this growing market,” Ocean Winds said.
Ocean Winds said that the transfer of EDP’s stake in Principle Power would “strengthen joint efforts in industrialization and business development, fostering synergies in an accelerating market.”
“Projections suggest that offshore installations could surpass 200 GW by 2030, growing nearly six-fold from the current level. Within this expansion, floating offshore installations are expected to reach 11 GW in 2030 and increase to 70 GW by 2040,” Ocean Wind said.
“Principle Power has several important pre-commercial projects in progress and a robust commercial pipeline worldwide. Their WindFloat platform, which can be deployed regardless of water depth or seabed conditions, is currently in operations in Portugal and Scotland totaling 75 MW, with an additional 30 MW project under construction in France, making Principle Power the global leader in floating wind technology,” Ocean Winds said of Principle Power.
Principle Power was founded in 2007 and has its headquarters in California, USA, with offices in France, Portugal, the UK, Japan, and an expanding presence in Asia and employs over 120 people.
