The WindFloat Project Hamburg, September 2016
WindFloat Atlantic: a step change in turning floating wind commercial Technical Performance Competitive LCOE Bankability 2
WindFloat Atlantic: overall description of the Project Total capacity: 25MW capacity, (3 units equipped with MHI-Vestas V164) Total investment: ~125M (partly funded by the EC) Strong Institutional Support: EU: NER 300 Portugal: Feed-in Tariff, APA Location: 20 km off the coast of Viana do Castelo, in water depth of 85-100m, in an area of sand and sediments, suitable for mooring Interconnection: to be constructed by REN, allowing a direct connection at 60kV with no onshore of offshore substation Construction: several shipyards options available close to final location. Turbine installation quayside Floating structure certification: designed for 25 years, certified throughout design, construction and installation by ABS, an independent party Key Dates: FID: Q2-2017 Start Fabrication: Q3 2017 3
WindFloat Description of the Technology WindFloat is a simple but highly performing system to achieve superior stability 1 Turbine Agnostic 2 Any conventional commercial Turbines Minimum redesign in: - Control system software - Tower structural interface Hull Trim System (Active ballast) Displaces some water between columns to compensate for changes in mean wind velocity and direction 1 3 Water Ballast 4 (Operational draft) Heave Plates (Dynamic Stability) Located at the bottom of each column and used to achieve operating draft More water in the columns not supporting the turbine Move platform natural response above the wave excitation (mass of entrained water) Viscous damping reduces wave induced motions 2 3 4 4
WindFloat Technical Performance Survivability and performance is demonstrated in normal and extreme conditions. 2000 1800 1600 1400 Power [kw] 1200 1000 800 600 400 200 0 0 5 10 15 20 25 WindSpeed [m/s] Behavior of WindFloat in line with the models and turbine is following its original power curve. Windfloat has suffered waves above 19m. Produced more than 17 GWh Join us! Availability in Oct.2014-Sept. 2015 was 96% PPI s dynamic models were validated Power curve within manufacturer s tolerance Survivability demonstrated vs. 20-year storm 5
WindFloat Competitive LCOE Scale and technical/technology innovations are already delivering important savings larger turbines (x3-4) design life extension (x5) global sizing smaller platform structural optimizations equipment improvement accessibility mooring improvements installation improvements Capacity: Production: Unit cost: x4 X4,5 x1.75 WF1 WFA 6
Pre-commercial Floating Offshore Wind Projects Show Progression in LCOE Current design already competitive for large commercial wind farms LCOE (EUR/MWh) 600 500 400 300 200 100 WF1 (2 MW) >400 UK Cost Reduction Goal: 135 /MWh (GBP 100) Current design LCOE @ EUR 110-120 / MWh for Large WF Pre-Commercial Demos (20-50 MW) 180-220 Commercial Projects (>100 MW) <100 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 >2020 7
Windplus Shareholding Structure Experienced and strong partners with presence in EU and Japan EDPR Repsol Trust Energy (Engie + Marubeni) DGE (Mitusbishi Corporation) CGE (Chiyoda Corporation) 19,4% 19,4% 20% 20% 20% Principle Power 1,2% WindPlus 8
WindFloat Bankability WFA is progressing well to achieve the first project financing of a floating structure First floating wind farm ever financed with non-recourse debt Commercial Bank 1 Commercial Bank 2 Consortium approved, pending due diligence 9
WindFloat Bankability Floating presents significant risk advantage vs. fixed structures Description Implications Fabrication Fully conducted onshore All structures are alike Certification: strict guidelines from oil & gas industry Lower design risk Lower execution risk Sea bed Anchoring technology with >60 year experience Big flexibility on soil conditions Lower need of geotechnical studies Lower geotechnical costs and risk Installation Shorter weather windows required Fewer and simpler operations No use of special installation vessels Lower execution costs and risk Lower weather risk Large correctives Shorter weather windows required Fewer and simpler operations to be conducted offshore No use of special O&M vessels Lower execution costs and risks Lower weather risk Decommissioning Simple operation No impact whatsoever on the site All works done onshore Lower execution risk Lower third party risk 10
WindFloat Bankability WFA: Large correctives will be conducted quayside in a protected environment 2 Towing is conduted by local regular tugs (already identified and open for lease on short-term call) Transport time is 1-2 days Quays already identified with sufficient draft for O&M work quayside 1 Mooring and interarray cables are designed for a simple release and hook-up ~100km 3 Large component replacements are conducted quayside in the port using standard onshore cranes. Port of Vigo has confirmed its availability for these activities. Windplus already has quotes for suitable onshore cranes Total downtime can be lower than 15 days with a total cost of less than 500k 11
WindFloat Atlantic: a step change in turning floating wind commercial! Technical Performance Competitive LCOE Bankability 12
Room 1.11- Baker & McKenzie at the Hamburg Bucerius Law School THANK YOU! Join PPI this afternoon! WF1 Experience: 5 years Successful Demonstration September 27 th, from 4pm to 5.30pm Bucerius Law School 10 min Walk