Principle Power and EDP Sign MOA for Phased Offshore Wind Power Project

18 February 2009

Seattle, WA (USA), February 18, 2009 – Principle Power, Inc. (“Principle Power”) is pleased to announce the signing of a Memorandum of Agreement 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 with a simple and elegant design. Innovative features of the WindFloat dampen wave and turbine induced motion, enabling wind turbines to be sited in previously inaccessible locations where water depth exceeds 50m 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 off 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 2 and phase 3 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. “Having EDP participating in the equity of our demonstration project serves as an affirmation of EDP’s desire to innovate within the wind sector,” said Principle Power’s CEO, Alla Weinstein. “As the fourth largest wind energy producer in the world, EDP continues to show their engagement and foresight in the development of offshore wind markets, enabling technology and global renewable energy production.” 

“Offshore wind is one of our key innovation priorities,” said Antonio Mexia, CEO of EDP, “The development of floating foundations for wind turbines is a pre-requisite to the development of offshore wind farms worldwide, as areas in which the sea bed is less than 50 m deep are scarce and fixed structures in deeper waters are economically not feasible. We believe the Windfloat may be the correct approach to deep-water offshore wind farms.” 

About Principle Power
Principle Power is a technology developer focused on the offshore wind energy market. Principle Power’s enabling product, a floating wind turbine support structure called WindFloat, provides for siting of offshore wind turbines in water depths greater than 50m, thus exploiting the world’s highest capacity wind resources. Offshore wind installations in water depths of 50m and greater, to date, have not been feasible due to economic and technological limitations.

About EDP
EDP is one of the major European energy utilities. EDP has conventional electricity generation, distribution and marketing activities in Portugal, Spain and Brazil. The Group is also involved in natural gas distribution in Portugal and Spain. Through EDP Renewables, EDP is also the fourth largest wind-energy producer worldwide; EDP Renewables has significant activities in US (after acquiring Horizon Wind Energy with wind farms in 17 US states), Portugal, in Spain, France, Belgium, and more recently, in Poland.