Ocean Winds, the offshore wind joint venture between EDP Renewables and Engie, has reached an agreement with EDP Group to acquire its position in Principle Power, a leading developer of floating wind platforms. By purchasing EDP's 25.4% stake, Ocean Winds aims to strengthen its competitive advantage in the development of floating wind projects.
With this strategic transaction and in addition to its existing ownership, Ocean Winds will now hold a total of 36.25% of Principle Power. This increased investment positions Ocean Winds favorably in advancing its floating wind pipeline development.
Principle Power specializes in designing floating structures that provide support for offshore wind turbines, specifically tailored for deployment in deeper waters. This technology becomes crucial in regions like the Portuguese coast, where traditional offshore platforms cannot be utilized due to the deep seabed.
See also: Ocean Winds Secures €7.4bn Investment for Offshore Wind Projects in France and Scotland
The collaboration between Principle Power and EDP dates back to 2009, as the two companies have been at the forefront of exploring the potential of Portugal's coastline. In 2011, they successfully deployed a prototype featuring a 2MW wind turbine installed on a floating platform off Póvoa de Varzim, located in the northern region of Portugal.
Ocean Winds' increased stake in Principle Power marks a significant step forward in the expansion of their capabilities and expertise in the promising field of floating wind energy. As the global renewable energy sector continues to grow, investments and collaborations in innovative technologies like floating wind platforms are instrumental in unlocking the vast potential of offshore wind resources.
