WindFloat: Ready for Commercial Deployment around the World - April 4, 2019 - EEN-Canarias
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WindFloat: Ready for Commercial Deployment
around the World
April 4, 2019
Principle Power
Presentation of the company
Founded in 2007
> 70 employees - Offices in California, FR, and PT
Shareholders Partners
Successful 5-year Full Life-Cycle Demonstration
2MW Vestas, Identical Performance to Fixed Foundation
17GWh, Produced in 12m waves; Survived 17m waves
3 Precommercial Projects in Progress (~100MW of installed
floating capacity by 2021 in Europe)
Commercial Developments in Europe, USA, Asia
Principle Power
Presentation of the Company
Our Vision
Be the global leader in deep water wind technology
Our Mission
To make the WindFloat the most competitive, safe, reliable and environmentally friendly
floating technology and unlock GWs of global renewable energy potential
Full life-cycle support to customers
Technology development
and R&D
Inspection,
Maintenance and Project
Project Development
Developers Repair
COMMERCIAL ADVANTAGES
Lower Costs
& Risks
TARGET CUSTOMERS
Utilities &
IPPs
Operations
Offshore Support
Location &
Wind Depth
Owners Constraint
Installation and Overall system Mitigation
Commissioning Design and
Engineering
EPC
Companies LOREM IPSUM LOREM IPSUM
Construction Procurement
The Offshore Wind Industry is projected to grow at a 20% CAGR…
Global Offshore Cumulative Capacity (GW) Distance to Shore and Water Depth Trends
180
Offshore Wind Installed Capacity (GW, Cumulative)
IHS 2015
160
BNEF 2018
140 2028:
111 GW
120 BNEF 2018 + CAGRs
100 Offshore wind BP 2018
80
60
40 2014:
10 GW
20
0
2014 2016 2018 2020 2022 2024 2026 2028 2030
Source: IHS, JRC, BNEF, Principle Power, 2015 Source: Roland Berger, April 2013
…and the trend is to move to deeper waters
Cost
Semi-Sub Barges / Hybrids TLP Spar
Monopile Jackets
Floating Structures (40m to 1000m+)
(0-45m) (30-60m)
Water Depth
WindFloat Technology Presentation
Hull Trim System
1 Turbine Agnostic 2 (Active ballast)
• Any conventional • Displaces some
commercial Turbines water between
columns to
• Minimum redesign in: compensate for
- Control system – software changes in mean
wind velocity and
1
- Tower – structural interface
direction
3 Water Ballast 4 Heave Plates
(Operational draft) (Dynamic Stability)
• Located at the bottom
• Move platform natural
of each column and
response above the wave
used to achieve
excitation (mass of 2
operating draft
entrained water)
• More water in the 3
• Viscous damping reduces
columns not
wave induced motions
supporting the turbine
4
6
WindFloat is a proven technology: Successful 5-year Lifecycle
Demonstration in North Atlantic (WF1 from 2011-2016)
• Vestas V80 2MW performed as well as on a
bottom-fixed foundation - Generated over 17
GWh of clean energy
• Operation up to 1-year Return Period Storm
Conditions (Hs=7m)
• Endured intense storms: 17m waves, 30+m/s
winds
• Demonstrated philosophy of construction,
installation, and decommissioning
• Incorporated lessons to improve next
generation of technology
8
Financing Entities are already seeing the large paradigm shift the
WindFloat represents in terms of Reduction of Cost and Risk…
Cost Risk
• Serial Production • Marine Spread / Existing
Vessels
• Flexible Site Location / Water • Lower Interface Risk with
Depth independence offshore contractor
• Reduce Environmental
Impact and Geotechnical
Reduction of • Lower Weather
Requirements Cost and Risk Dependence
• Quayside Commissioning • Return to Shore for
and WTG Installation Unanticipated Maintenance
Proving the industry is technically viable; now showing economic and
financial viability to be commercial by end of decade
Maturity StorylineDemo-scale projects structured to: 1) Prove Bankability and 2) Advance
LCOE => a Gateway to large commercial scale
WindFloat Atlantic - 25 MW, 2019
• 3x 8.3 MW MHI Vestas
• 20 km out; 100 m deep
• Local Shipyard Construction
• Certified by ABS
• Feed-In Tariff
• Equity Financing complete w/ strong international sponsors
• First Bank Financed Floating Wind Farm
Eiffage Yard,
Fos/mer
9Demo-scale projects structured to: 1) Prove Bankability and 2) Advance
LCOE => a Gateway to large commercial scale
WindFloat Kincardine (Scotland) : retrofit
of WF1 to be followed by 48MW more; world’s
largest available WTGs; Operational in 2020
▪ Total capacity: 50MW capacity (2MW + 5 units
of 9.5 MW)
▪ Location: 15 km off Aberdeen; ~60m depth
▪ Status:
• Phase 1: WF1 Installation - Summer 2018
• Phase 2: Installation - 2020
Golfe du Lion
24 MW, France, Operational 2021
• 4x 6 MW
• 18 km out; 70-100 m deep
• Modular construction and Local final
assembly
• Certified by BV
• Feed-In Tariff (through competitive
process)
• Very strong consortium with major energy
companies and industrials
• Major innovations to advance technology 9Jump-starting the industry in CA with the Redwood Coast Offshore
Wind Project…
100-150 MW, California, Operational 2024
Flagship project for offshore wind industry in CA and the
West Coast
• 12+ MW offshore wind turbines
• 25+ miles out; 700-900 m deep; world-class
wind resource (9.5+ m/s)
• Deployable by 2024
• Creation of a public-private partnership with
RCEA
• PPI part of Consortium and WindFloat tech
selected by RCEA’s RFQ in March 2018
• Strong local community support and control
• Potential to revitalize the Port of Humboldt
Bay; could become leading hub on West Coast
• Large potential to drive investments in
infrastructure and create local jobsOnce validated, floating foundations are well poised to leverage cost
reductions in the fixed bottom value chain
http://tki-windopzee.eu/files/2015-10/151028-tki-offshore-wind-cost-reduction-final-stc.pdfLCOE reduction has been the focus of every project - WindFloat is on
its 3rd generation design
LEGEND
MF-Wind: Original development, Private funds
WF1: Prototype in Portugal, Venture Investors
MF-Wind WFP: WindFloat Pacific; DOE grant
WF1 WFJ: WindFloat Japan; NEDO grant
WFA: 25MW Portugal, Developer + Bank Financing + NER300
EFGL: 24 MW France, Developer, Bank Financing + ADEME
WFP KOWL: 50 MW Kincardine, Scotland, Developer + ROC regime
H2020: Senvion led H2020 EU Grant 2018-2020
WFJ WFHB: 120 MW Humboldt Bay, California, US, Project Financed
LCOE
WFA
KOWL
EFGL
H2020
WFHB
2006 2008 2011 2016 2019 2021
WindFloat V1. WindFloat V2. WindFloat V3.
▪ Prototype ▪ Pre-commercial ▪ Commercial
▪ Turbine size .25-2 MW ▪ Turbine size 5-8 MW ▪ Turbine size 6-15 MW
▪ V1.0 3x250KW ▪ V2.0 WFP ▪ V3.0 EFGL
▪ V1.1 1 MW ▪ V2.1 WFJ ▪ V3.1 H20 10+ MW
▪ V1.2 WF1 (2 MW) ▪ V2.2 WFA ▪ V3.2 RCEA CA, US
▪ V3.3 500 MW CommercialThe WindFloat is on track to compete with conventional power, other
renewables, and bottom-fixed offshore wind
Adjusted Strike Price (EUR/MWh)
Announced Fixed Projects vs WindFloat
Demo-Scale:
25-30 MW, 8 MW Turbines
First Commercial:
300 MW, 9-10 MW Turbines
Mature Commercial:
600 MW, >12 MW Turbines
1based on illustrative next generation turbine parameters, current macro economic conditions, and business case assumptionsFloating is gaining momentum towards commercial phase
→ >19.4 GW floating projects announced globally
4,500
Annual known floating capacity (MW)
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
-
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
20,000
Cumulative known floating capacity (MW)
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
-
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Uk, North Sea Basin & Baltic Atlantic Other Europe US Japan AsiaThe WindFloat Solution A 3rd Generation Floater
• Life Extension (to 25 years)
• Larger Turbines WindFloat Gen II/III
• Structural Optimization 6-8 MW
• Equipment Optimization (1500t to 2400t
• Quick Connect-Disconnect Cable
• Quick Connect-Disconnect Mooring WindFloat1
(2MW) 1350t
• Smaller Floater in Proportion:
• Typically 200-300t/MW depending on
local site conditions.
• Capacity: X3-4
• Production: X4-5
• Unit Cost: x1.75
Class approved:
21Key Takeaways
The WindFloat is already proven technology, and is now proving its
financial and economic viability;
The WindFloat addresses the industry’s bottom-fixed foundation
challenges, while enabling offshore wind to reach its full potential;
Principle Power is already executing on several pre-commercial
projects globally => ~100MW of expected floating wind capacity
installed by 2021;
WindFloat expected to be deployed commercially in the marketplace
by end of decade;
The key for market leadership is to continue executing on pre-
commercial projects and developing utility-scale commercial projects.
22Thank you! Nailia Dindarova Public Affairs Lead ndindarova@Principlepowerinc.com www.principlepowerinc.com
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