EDP sells position in offshore wind farm structures company to Ocean Winds

EDP has agreed with Ocean Winds, a joint venture between the Portuguese electricity company and Engie for offshore wind power, the sale of the stake held by the company led by Miguel Stilwell in Principle Power, EDP announced this Thursday.

In a statement, EDP said that "Ocean Winds' acquisition of EDP's 25.4% stake in Principle Power provides a competitive advantage for the development of its floating wind pipeline.

Following the transaction, Ocean Winds now owns a total of 36.25% of Principle Power.

Principle Power "specializes in the design of floating structures to support offshore wind turbines, which can be used in deeper waters."

The partnership between Principle Power and EDP dates back to 2009, with the two companies "becoming pioneers in exploring the potential of the Portuguese coast, where the deep seabed prevents the use of traditional offshore platforms."

"As floating technology opens up offshore wind energy opportunities in areas and countries where sea depths are greater than 60 meters, the strengthening of its stake in Principle Power reinforces Ocean Winds' ideal position in this growing market," the statement added.