Principle Power is a provider of floating foundation solutions for the offshore wind industry. The company offers two market-ready products - WindFloat T, a tubular design, and WindFloat F, a flat panel, pontoon-based solution. Both designs are suitable for the next generation of offshore wind turbines and form an integral part of Principle Power's '300x30' industrialization vision to enable the delivery of 300 floating wind turbines by 2030.
The WindFloat F is designed for ultra-shallow water turbine integration in ports as shallow as nine meters. Its flat panel architecture, widely used in shipbuilding and oil & gas industries, combines with proven technology from the WindFloat T. It features a 3-column architecture, an improved hull trim system, and offers a standardized, robust, and simple design for automated subcomponent manufacturing at existing fabrication facilities.
Principle Power's innovative WindFloat technology is a proven deepwater offshore floating wind turbine foundation with a patented design. As of 2022, it had an installed capacity of over 100 MW, including the world's first 8.4 MW floating turbine installed offshore in Portugal in 2020. The company has achieved several industry firsts and its technology is well-suited to attract project financing.
In May 2023, EDP transferred its 25.4% stake in Principle Power to Ocean Winds, a joint venture between EDP Renewables and ENGIE dedicated to offshore wind. With this transaction, adding to its previous ownership, Ocean Winds now holds a total of 36.25% of Principle Power.
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