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    Increased investment in Principle Power by Ocean Winds

    To transfer its ownership in Principle Power, the creator of a floating wind platform, EDP Group has reached an agreement with Ocean Winds.


    EDP Renewables’ 25.4% interest in Principle Power will be purchased by Ocean Winds, an offshore wind joint venture between Engie and EDP Renewables.


    Ocean Wind’s development of a floating wind pipeline is anticipated to gain a “competitive advantage” as a result of the move.


    Ocean Winds currently owns a combined 36.25% of Principle Power as a result of this acquisition and its prior ownership.


    The design of floating platforms to support offshore wind turbines that can operate in deeper waters is a speciality of Principle Power.


    Beginning in 2009, Principle Power and EDP formed a cooperation to explore the potential of the Portuguese coast, where the deep bottom prevents the utilisation of conventional offshore facilities.


    A prototype with a 2 MW wind turbine built on a floating platform off Póvoa de Varzim, in the north of Portugal, was successfully deployed in 2011 by Principle Power and EDP.


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