Technical Due Diligence helped secure €60 million from the European Investment Bank to become world’s first project-financed floating wind farm
Oslo, Norway– 7th November 2018 –DNV GL, the world’s largest independent energy advisory and certification body, has successfully completed a lenders’ technical due diligence on the 25MW Windfloat Atlantic project, the biggest floating wind farm in the Iberian Peninsula.
The project is the first project-financed floating wind farm. The due diligence undertaken by DNV GL was instrumental in helping the project to secure the funding from the European Investment Bank which now has announced its intention to provide a €60 million loan to Portuguese company Windplus.
The project, which is located about 20 km of Costa Viana do Castelo, Portugal 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, an innovative design comprising a moored semi-submersible platform.
Working in close 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 detailed 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.
In its recently published Energy Transition Outlook report DNV GL forecasts that by 2050, 12% of world primary energy supply will come from wind energy, of which 20% will come from offshore wind. In relative terms, offshore wind is growing 85-fold (2050 vs 2016), which is the same growth rate as for Solar PV (also 85-fold). As electricity consumption accelerates, bottom fixed and floating offshore windfarms will play an increasingly important role to ensure that the society can meet this demand.
“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.
About DNV GL
DNV GL is a global quality assurance and risk management company. Driven by our purpose of safeguarding life, property and the environment, we enable our customers to advance the safety and sustainability of their business. We provide classification, technical assurance, software and independent expert advisory services to the maritime, oil & gas, power and renewables industries. We also provide certification and supply chain services to customers across a wide range of industries. Operating in more than 100 countries, our experts are dedicated to helping customers make the world safer, smarter and greener.
DNV GL in the power and renewables industry
DNV GL delivers world-renowned testing and advisory services to the energy value chain including renewables and energy management. Our expertise spans onshore and offshore wind power, solar, conventional generation, transmission and distribution, smart grids, and sustainable energy use, as well as energy markets and regulations. Our experts support customers around the globe in delivering a safe, reliable, efficient, and sustainable energy supply.
DNV GL in floating wind
DNV GL is at the forefront of floating wind development. As new technologies, such as floating wind applications grow in prevalence, it is vital to mitigate the risks associated with implementation, to ensure the safe and reliable delivery of the expected performance and quality targets. DNV GL works in close collaboration with the floating wind industry to develop and maintain standards and regulations. With more 10 years’ experience in the industry, we have supported customers with all aspects of floating wind development from concept design support, to market studies, technical due diligence projects, verification and independent analysis of floating wind farms.
