DNV GL has completed a lenders’ technical due diligence on the 25MW Windfloat Atlantic floating wind farm project in Portugal.
The project is the first project-financed floating wind farm. The due diligence was instrumental in helping the project to secure the funding from the European Investment Bank which now has announced its intention to provide a EUR 60 million loan to Portuguese company Windplus, DNV GL said.
The project, which is located about 20 kilometres of Costa Viana do Castelo, is currently under construction and set to become operational in 2019. It consists of an array of three 8.4MW MHI Vestas turbines, the largest and most powerful wind turbines ever installed onto a floating foundation at sea. Each turbine will operate on a Windfloat floating platform developed by Principle Power.
Working in collaboration with the company behind the project, Windplus - a subsidiary of EDP Renewables (79.4%), Repsol (19.4%) and Principle Power (1.2%), DNV GL conducted an independent energy yield assessment and undertook a technical due diligence study on all aspects of the floating offshore wind farm with special focus on the risks associated with this new and promising technology.
“Drawing on our extensive floating offshore wind energy technology experience, we identified the key technical and commercial aspects of the project, which allowed the European Investment Bank to have a complete picture of the project and any associated risks and provide financing to it. Windfloat Atlantic is the first floating wind project with project-financing, and an important step towards the bankability of floating wind,” said Prajeev Rasiah, Executive Vice President for DNV GL’s Energy business in Northern Europe, Middle East & Africa.