EDP transfers its participation in the leading floating offshore wind platform’s company Principle Power to Ocean Winds
EDP and Principle Power began their collaboration in 2009 to develop what became the first floating wind farm off the European coast. Transfer of EDP shares to Ocean Winds solidifies the companies’ ambition of being a global leader in the offshore wind market.
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 Principle Power, the global leading company in the floating offshore platforms market.
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.
Principle Power is specialized in the design of floating structures to support offshore wind turbines that can be used in deeper waters. The partnership between Principle Power and EDP started in 2009, with the two companies becoming pioneers in exploring the potential of the Portuguese coast, where the deep seabed prohibits the use of traditional offshore platforms.
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.
WindFloat Atlantic was then developed and is now operated by Ocean Winds, since the joint-venture inception in 2019 as it ramped up EDP Renewables and ENGIE’s first investment in offshore wind. Ocean Winds is also 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.
The transfer of EDP’s stake in Principle Power will 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. 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. 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. The company employs over 120 talented individuals who are dedicated to advancing floating offshore solutions and accelerating the energy transition.
About EDP
EDP is a global utility with presence in 29 markets and with the aim of leading the energy transition to cleaner sources. The company is the main shareholder of EDP Renewables, the 4th global wind and solar energy producer. EDP is also present in the production of energy through other sources like hydro power and supplies nine million clients. The company also provides sustainable solutions for its clients and is investing more than €1billion in innovation, to find the solutions that will help ramp up the energy transition. Through EDP Innovation, EDP created EDP Ventures, specialized in investing in innovative startups at a global scale. EDP is also the number 1 utility in the Dow Jones Sustainability Index for the last 13 years.
About Ocean Winds
Ocean Winds (OW) is an international company dedicated to offshore wind energy and created as a 50-50 joint venture, owned by EDP Renewables and ENGIE. Based on our belief that offshore wind energy is an essential part of the global energy transition, we develop, finance, build and operate offshore wind farm projects all around the world.
When EDPR and ENGIE combined their offshore wind assets and project pipeline to create OW in 2019, the company had a total of 1.5 GW under construction and 4.0 GW under development. OW has been adding rapidly to that portfolio and is now on a trajectory to reach the 2025 target of 5 to 7 GW of projects in operation, or construction, and 5 to 10 GW under advanced development. Currently, OW’s offshore wind gross capacity already operating, in construction or with advanced development rights granted has reached 16.6 GW.
About Principle Power
Principle Power is a leading global technology and services provider for the floating offshore wind energy market. The WindFloat®, the company’s globally patented and proven floating platform technology, enables offshore wind turbines to be sited in any deep water depth or seabed condition, unlocking offshore wind potential worldwide and allowing projects to harvest the best wind resources. Principle Power acts as a trusted partner to developers, independent power producers, utilities, and EPCs, supporting its customers throughout the entire lifecycle of their projects. With 75 MW in operation and 30 MW under construction, as well as a multi-GW commercial pipeline globally, Principle Power is the market leader in floating offshore wind technology.
