Business World of Renewable Energy

IWR Reuters News Center RTL 103 0347 1280 256

Floating Offshore Wind Industry: Principle Power Signs Memorandum of Understanding For Series Production of Floating Wind Foundations

Emeryville, USA - US-based Principle Power has signed a non-exclusive Memorandum of Understanding (MoU) with HSG Sungdong, a Korean company specializing in shipbuilding and offshore wind, to collaborate on engineering developments for the mass production and assembly of Principle Power's patented WindFloat® technology.

WindFloat® is a semi-submersible floating platform with three columns which, according to Principle Power, is compatible with all common offshore wind turbines and is suitable for use in waters deeper than 40 meters.

The focus of the two companies is to build a production system capable of supplying floating offshore wind projects on an industrial scale by combining the technological experience Principle Power has gained from the practical application of its technology in floating offshore wind farms and HSG Sungdong's optimized manufacturing facilities (substructure manufacturing, marshalling yard, integration). The agreement is also expected to promote the development of a sustainable domestic supply chain in South Korea and support the country's goal of achieving 14,300 MW (14.3 GW) of offshore wind capacity by 2030.

"Our goal is to foster a robust and sustainable supply chain ecosystem through early engagement with select suppliers to build readiness for the timely and effective delivery of floating wind projects. These engagements are an extremely important part of building a new industry the right way, providing customers and government with confidence about deliverability," said Lúcio Rodrigues - Head of Supply Chain and Procurement at Principle Power.

Under the agreement, Principle Power HSG will provide Sungdong with high-quality input on WindFloat® design, specifications and experience to help the company optimize its equipment and processes for the manufacture and assembly of floating wind turbine foundations cost-effectively and at scale, Rodrigues added.

To achieve its 2030 target of 14.3 GW of offshore wind power, the Korean government has introduced an annual auction system that offers fixed-price contracts for offshore wind power projects and includes a so-called REC multiplier mechanism to help build a domestic floating offshore wind power industry. Government auctions for the first floating projects in Korea are scheduled for Q3 2024.

Source: IWR Online, 27 Jun 2024