EDP Renewables and Repsol as key shareholders of WindFloat Atlantic (“WFA”) have entered into a consortium with Mitsubishi Corporation, Chiyoda Corporation, and ENGIE (formerly GDF Suez) to implement WFA’s first floating offshore wind farm off the coast of Portugal using Principle Power Inc’s (“PPI”) WindFloat technology. MilleniumAssociates AG acted as exclusive Corporate Finance adviser to PPI and WFA.
The project, located 20 km off the Portuguese coast at Viana do Castelo, is planned to be operational in 2018 and will consist of three or four wind turbines on floating foundations, accounting for a total capacity of 25 MW. WFA will benefit from the support of the European Commission, through the NER 300 program, and of the Portuguese Government through the Portuguese Carbon Fund. It was also selected for the InnovFin program by the European Investment Bank.
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