General – Acquisition
EDP Group has agreed with Ocean Winds to transfer its position in the floating wind platform developer Principle Power.
With a third of its 16.6 GW of offshore wind projects representing floating wind, Ocean Winds acquisition of EDP’s 25,4% stake in Principle Power provides a competitive advantage to its floating wind pipeline development and strengthens its position as leader in the rapidly growing offshore wind power generation market.
With this transaction and adding to its previous ownership, Ocean Winds now holds a total of 36.25% of Principle Power.
The transfer of EDP’s stake in Principle Power will strengthen joint efforts in industrialization and business development, fostering synergies in an accelerating market. Projections suggest that offshore installations could surpass 200 GW by 2030, growing nearly six-fold from the current level.
Within this expansion, floating offshore installations are expected to reach 11 GW in 2030 and increase to 70 GW by 2040. Principle Power has several important pre-commercial projects in progress and a robust commercial pipeline worldwide. Their WindFloat platform, which can be deployed regardless of water depth or seabed conditions, is currently in operations in Portugal and Scotland totalling 75 MW, with an additional 30 MW project under construction in France, making Principle Power the global leader in floating wind technology.