EDP transfers Principle Power stake to Ocean Winds JV

Portuguese utility EDP (ELI:EDP) has transferred its 25.4% stake in floating offshore wind platform specialist Principle Power to Ocean Winds, the 50/50 joint venture of EDP Renewables (ELI:EDPR) and Engie SA (EPA:ENGI).

The transaction increases Ocean Winds’ holding in the California-headquarter company to 36.25% in a move aimed at beefing up its position on the accelerating floating wind market. EDP cited projections that floating offshore installations could reach 11 GW in 2030 and 70 GW by 2040.

Floating wind accounts for a third of Ocean Winds’ 16.6-GW offshore wind project pipeline. The joint venture is working with Principle Power on certain projects, including 30 MW under construction in France and 1.2 GW in advanced development in South Korea.

Principle Power and EDP have a long-lasting relationship that started in 2009 and saw the deployment of a prototype with a 2-MW wind turbine in Portugal in 2011. This was followed by the 25-MW Windfloat Atlantic project in Portugal, which is operated by Ocean Winds. Principle Power’s WindFloat platform is currently in operation as part of 75 MW of total installations in Portugal and Scotland.

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