Principle Power Raising $20M to Build World’s First Floating Wind Farm

3/2/09Follow @gthuang

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Vancouver, BC-based Finavera Renewables. In October 2007, she co-founded Principle Power with Jon Bonanno, the company’s president.

To get the right technology, they started talking with Berkeley, CA-based Marine Innovation & Technology, which originally designed the WindFloat for offshore oil and gas rigs, and signed an exclusive licensing agreement last June. “We licensed WindFloat, and are now converting it into ownership,” Weinstein says.

But commercial floating wind farms are still several years away. Weinstein says WindFloat passed its technical tests, done in experimental water tanks, in October. Now it’s a matter of dealing with federal and state regulations, and obtaining permits to build and operate offshore wind turbines. Weinstein says the “talks with Portugal may advance faster” than Oregon, and that the technology could be deployed abroad in two to three years.

And why not Washington state? Weinstein points out that two-thirds of Washington’s coastline is designated as a marine sanctuary—which rules out building wind farms and laying underwater power-transmission cables. “That’s why we went to Oregon,” Weinstein says. “But we can bring the power back to Washington. I would like to see both governors come together and say, ‘We have the ocean, it can provide all the power you need. Why don’t we use that?'”

As for the Northwest’s attitudes about renewable energy, Weinstein says, “With my first company, doing wave energy, it was, ‘Who are you, what are you doing?’ But wind energy is closer to commercialization than wave energy. There is lots of interest and receptiveness…We’re going to be floating in the Pacific Northwest. With the [federal government’s] stimulus package, I’m hoping we’ll see development a lot quicker.”

Gregory T. Huang is Xconomy's Deputy Editor, National IT Editor, and the Editor of Xconomy Boston. You can e-mail him at gthuang@xconomy.com. Follow @gthuang

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  • http://www.gcube-insurance.com Curt Maloy

    As with many of these new concepts in wind turbine engineering, determining whether or not the design is insurable, even on an extremely limited basis, has likely been left to the last minute.

    Radical designs such as these should start with an evaluation of the insurability of the concept, both during construction / installation, and subsequent operation.

    Unless the design can be approved by an insurer’s engineering underwriting experts, coverage for damage to the equipment and resulting lost revenue will be impossible to obtain, and therefore the project will be difficult, if not impossible to finance.

    Complicating the situation is that such approvals by insurers are generally not issued for prototype designs, and require that a record of operational and loss history for the design be developed and reviewed before agreeing to issue coverage.

    This means the turbine designer must find a way to front the full cost of building, deploying and testing a prototype to prove the concept, without insurance coverage to limit his exposure during this time.

    In addition, many insurers and lending institutions will require that the turbine design be reviewed by recognized wind turbine certification agencies such as Germanischer Lloyd in Germany, and will require that a Type Certificate issued by such an agency be produced in order to consider offering insurance / project finance.

    We certainly do need to have innovative ideas brought to the renewable energy table, but an integral part of the equation is taking into account the reality of running a profitable power generating plant.

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  • Aditya Kulkarni

    It is really good that companies are working on floating wind turbines, but no one is publishing papers about the technology.
    papers ll be really helpful for the engineering students like me.

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