Ocean Winds Increases Stake in Floating Offshore Wind Specialist

May 26, 2023, by Adnan Memija

EDP has transferred its 25.4 per cent stake in floating offshore wind platform company Principle Power to Ocean Winds, a 50:50 joint venture between EDP Renewables and Engie.

With this transaction and adding to its previous ownership, Ocean Winds now holds a total of 36.25 per cent of Principle Power.

The transfer of EDP’s stake in Principle Power will strengthen joint efforts in industrialisation and business development, fostering synergies in an accelerating market, Ocean Winds said.

According to the company, 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.

EDP and Principle Power began their collaboration in 2009 to develop what became the first floating wind farm off the European coast.

Two years later, 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.

The two companies have also developed WindFloat Atlantic, the world’s first semi-submersible floating offshore wind farm, which is operated by Ocean Winds.

Floating wind accounts for a third of Ocean Winds’ 16.6 GW offshore wind project pipeline.

The company is working together with Principle Power on several projects including 30 MW under construction in France and 1.2 GW in advanced development in South Korea.