Ocean Winds take charge as EDP's stake transfer boosts floating wind

By: Chloe Emanuel

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25/05/2023 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 Principle Power.

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 becoming a global leader in the offshore wind market.

With a third of its 16.6 GW 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 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 metres, strengthening its share holdings 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 totalling 75 MW, with an additional 30 MW project under construction in France, making Principle Power the global leader in floating wind technology.

For more information on offshore wind farms worldwide, click here.

About the Author

4C Offshore | Chloe Emanuel
Chloe Emanuel

Press Coordinator

01502 307037 Chloe.Emanuel@4coffshore.net
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