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Principle power ownership

Aker Offshore Wind has a strategic collaboration agreement with Principle Power where the primary aim is to reduce the costs and risks for development of offshore wind. Through our collaboration we can contribute to the growth of the sector and the production of clean, green energy.

Principle Power has been working in the renewable energy industry for more than 10 years and is a technology and services provider to the offshore wind industry.

Principle Power’s innovative technology – the WindFloat® – is a proven deepwater offshore floating wind turbine foundation with a simple, economic, and patented design. WindFloat® has been deployed for offshore wind projects off the coasts of Portugal and Scotland and is featured in projects under construction and development around the world.

  • Aker Offshore Wind has an active ownership in Principle Power
    • 36.2% ownership stake of Principle Power
    • Other shareholders include EDPR, EDP Ventures and Tokyo Gas
  • Principle Power is a strong brand in the floating wind industry
  • More than 100 MW installed capacity by 2022
  • World’s first 8.4 MW floating turbine installed offshore in Portugal
  • Well-suited to attract project financing based on its extensive track record

Principle Power, actively supported by its owners, has achieved several industry firsts, including the world’s largest floating offshore turbines. Three 8.4 MW turbines located 20 kilometers off the coast of Viana do Castelo, Portugal was commissioned in the spring of 2020. The project was granted financing through the European Investment Bank (EIB), demonstrating that floating offshore wind is now a bankable technology.