DNV GL has completed lender’s technical due diligence on Windplus’s 25MW Windfloat Atlantic floating offshore wind farm off the coast of Portugal.
The work included an energy yield assessment and a risk assessment of the new and floating technology.
DNV GL said the due diligence helped the project to secure the €60m funding from the European Investment Bank.
The project, which is located about 20km of Costa Viana do Castelo, is currently under construction and set to become operational in 2019.
It will comprise three 8.4MW MHI Vestas turbines installed on semi-submersible floating foundations.
DNV GL energy business in Northern Europe, Middle East & Africa executive vice president Prajeev Rasiah said: “Drawing on our extensive floating offshore wind energy technology experience, we identified the key technical and commercial aspects of the project, which allowed the European Investment Bank to have a complete picture of the project and any associated risks and provide financing to it.
“Windfloat Atlantic is the first floating wind project with project-financing, and an important step towards the bankability of floating wind.”
Windplus is 79.4%-owned by EDP Renewables, Repsol (19.4%) and Principle Power (1.2%).