Principle Power, EDP Sign MOA For Offshore Wind Project

NAW staff, Thursday 19 February 2009 - 10:55:05

Seattle-based Principle Power Inc. has signed a memorandum of agreement (MOA) with Energias de Portugal (EDP) for the phased development of a deep-water offshore wind power project sited off the coast of Portugal using the WindFloat.

WindFloat, conceived by Marine Innovation & Technology and owned by Principle Power, is a patent-pending floating foundation for offshore wind turbines. Features of the WindFloat dampen wave- and turbine-induced motion, enabling wind turbines to be sited in previously inaccessible locations where water depth exceeds 50 meters and wind resources are superior.

The terms of the MOA call for Principle Power and EDP to co-develop a three-phased offshore wind power project of the coast of Portugal. Phase 1 will consist of the fabrication and installation of a single WindFloat for technology demonstration purposes.

Following the successful completion and assessment of the demonstration unit, Phase II and Phase III will consist of a pre-commercial and commercial deployment respectively, making use of shared infrastructure and development from previous phases.

The project will have several equity participants, including both Principle Power and EDP.

SOURCE: Principle Power Inc.

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