Software developer Exceedence, Simply Blue Group, and Norwegian Research Centre (NORCE) have joined forces to support a project called FASTWIND (Financial Analysis using Satellite Technology for Offshore Wind Energy) which aims to use satellite data from European Space Agency’s (ESA) satellite network to conduct resource management and energy yield analysis.
Funded by ESA, FASTWIND is a cloud-based technology and financial tool for the offshore wind sector.
It is driven by wind resource information derived from synthetic aperture radar data from the Sentinel-1 satellites.
FASTWIND will develop a cloud-based system that integrates Exceedence’s techno-economics analysis software, Exfin, and NORCE’s processing chain for synthetic aperture radar (SAR) data that produces satellite wind products for resource mapping.
“FASTWIND will allow offshore wind developers to make data-driven decisions using a financial digital twin of their projects drawing from satellite-based earth data. Potential applications range from optimising site selection to improving bankability and maximising the financial performance of operational projects based on forecasting,” said Ray Alcorn , Founder and CEO of Exceedence.
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“There is a strong commercial opportunity for this solution currently in the fixed-bottom offshore wind sector which will translate seamlessly to the floating offshore wind sector. We have a unique proposition which will directly connect satellite wind data through a techno-financial package ultimately yielding better placed, optimised and lower cost wind projects.”
The project is being co-funded by the European Space Agency under ARTES 4.0 Business Applications – Space Solutions.