EDP Group has agreed with Ocean Winds to transfer its position in the floating wind platform developer Principle Power.
Ocean Winds, which is an offshore wind joint venture between EDP Renewables and Engie, will acquire EDP’s 25.4% stake in Principle Power.
The move is expected to provide a “competitive advantage” to Ocean Wind’s floating wind pipeline development.
With this transaction and adding to its previous ownership, Ocean Winds now holds a total of 36.25% of Principle Power.
Principle Power is specialised in the design of floating structures to support offshore wind turbines that can be used in deeper waters.
The partnership between Principle Power and EDP started in 2009, with the two companies becoming pioneers in exploring the potential of the Portuguese coast, where the deep seabed prohibits the use of traditional offshore platforms.
In 2011, Principle Power and EDP successfully deployed a prototype with a 2MW wind turbine installed on a floating platform off Póvoa de Varzim, in the North of Portugal.