A third of Ocean Winds’ offshore portfolio includes floating wind. Credit: OW OFFSHORE S.L.

Portuguese energy company EDP has transferred its stake in floating offshore wind platform Principle Power to Ocean Winds, its joint venture with French energy company Engie.

Ocean Winds will buy EDP’s 25.4% interest in Principle Power. This will take Ocean Winds’ holding in Principle Power to 36.25%.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

With the transfer of interest from EDP, Ocean Winds will reinforce its aim of becoming a global offshore wind leader.

The stake acquisition for Ocean Winds will create a competitive advantage as a third of its 16.6GW of offshore wind projects represent floating wind.

EDP and Principle Power began collaborating in 2009 and have pioneered the concept of the floating wind farm.

The company specialises in the design of floating structures to support offshore wind turbines installed in deeper waters.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The two companies installed a prototype with a 2MW turbine on a floating platform off northern Portugal in 2011, the first full-scale floating offshore wind pilot with semi-submersible technology.

The structure has undergone testing against waves of more than 17m and strong gusts of wind.

This proved the technology, and a pre-commercial scale project known as WindFloat Atlantic subsequently replicated it.

WindFloat Atlantic was developed and is now being operated by Ocean Winds.

Ocean Winds is also working with Principle Power to advance the technology on major floating offshore wind projects in its portfolio in France, where it has 30MW in construction, and South Korea where it has 1.2GW in development.

The WindFloat platform developed by EDP and Principle Power can be deployed regardless of water depth or seabed condition.