MRIA Annual

Industry Forum

1st February 2019

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Focused

Presence

Founded 2011 as Blue Economy Developers

Offices in Ireland, SW UK & Scotland

Team of 10

Experience

`SBE Vision:

Focus

Floating Wind - Principle Power Inc. (USA)

Wave Energy - Corpower AB (Sweden)

Aquaculture – Norwegian closed loop systems

Simply Blue Energy’s vision is to

become a leading Blue Economy

Developer in the UK and Ireland

Entrepreneurial and Developer Mentality

Board and Executive Management team from

shipping, marine, UK renewables, lobbying and

engineering sectors with over 100 years of

combined development experience

Simply Blue Energy Ltd. (SBE)

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Successful 5-year Full Life-Cycle Demonstration

2MW Vestas, Identical Performance to Fixed Foundation

17GWh, Produced in 12m waves; Survived 17m waves

A Proven

Technology

Project

Pipeline

3 Precommercial Projects in progress – 99MW of floating

capacity by 2021 in Europe

Commercial Developments in Europe, USA, Asia

Strong

Backing

Shareholders

Global

Presence

Partners

Founded 2007

100 people Offices in USA, France, and Portugal

by end 2019 (Cian Conroy in Dublin)

`PPI Vision: Be the global leader in deep water wind technology

PPI Mission: To make the WindFloat the most competitive, safe, reliable and environmentally friendly

floating technology and unlock GWs of global renewable energy potential

Principle Power Inc. (PPI)

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Principle Power Inc. (PPI) – WindFloat 1 - 2MW Vestas

5

Principle Power Inc. (PPI) – WindFloat 1, Portugal, 2011-2016

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Principle Power Inc. (PPI) – Present Pipeline

Kincardine■ 50 MW, Scotland, 25 km

from Aberdeem

■ Kincardine Offshore Windfarm Ltd (majorityowner Cobra)

■ Detailing / Operation

■ Online September 2018 –CF circa 64%

Wind Float Atlantic■ 22 MW, Portugal, 20 km

from Viana do Castelo

■ Windplus - Consortiumof EDPR, Repsol & Principle Power Inc

■ 3 X 8.3MW Vestas Turbines

■ Non recourse Project Finance

Golfe du Lion

■ 24 MW, France, 18 km

from Leucate

■ Consortium of ENGIE,

EDPR & Caisse de

Depots

■ 4 X 6ME GE Turbines

■ Online by 2021

Humboldt Bay■ 110-150MW, 25 miles

from Eureka in Northern California

■ Consortium of Redwood Coast Energy Authority, EDPR, Aker Solutions & Principle Power.

■ Early Development

■ Online by 2024

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Principle Power Inc. (PPI) – Kincardine Fabrication

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Principle Power Inc. (PPI) – Global Market Place

WindFloat Atlantic (Portugal)25MW8.3MW WF units (MHI Vestas)

California> 1 GW8+ MW WF units

HawaiiUp to 720 MW8+ MW WF units

UK/ScotlandUp to 50MW starting construction; >17 GW potential

Golfe du Lion (France)24 MW6 MW WF units

- Projects

- Target Commercial Market

Japan8 GW by 2030; 18 GW by 2050; >100 MW Project in late stage

Korea>1 GW Pipeline of Projects

TaiwanTarget of 4GW by 2030; deep waters;

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Principle Power Inc. (PPI) – LCOE Cost Reduction

- Life Extension (to 25 years)

- Larger Turbines

- Structural Optimization

- Equipment Optimization

- Quick Connect-Disconnect Cable

- Quick Connect-Disconnect Mooring

→ Smaller Floater in Proportion:

Typically 200-300t/MW depending on local

site conditions.

WindFloat1 (2MW) 1350t

WindFloat Gen II/III6-8 MW

(1500t to 2400t

• Capacity:

• Production:

• Unit Cost:

X3-4

X4-5

x1.75

Class approved:

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Principle Power Inc. (PPI) – LCOE Cost Reduction Cont.

Adjusted Strike Price (EUR/MWh)

Announced Fixed Projects vs WindFloat

Demo-Scale: 25-30 MW, 8 MW TurbinesFirst Commercial: 300 MW, 9-10 MW TurbinesMature Commercial: 600 MW, >12 MW Turbines

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SBE – PPI Partnership Ireland & SW UK

Project 1 (Simply Blue Energy (Wave Hub) Ltd.)

• Repurposing of Wave Hub site in North Cornwall to 32MW pilot floating wind farm.

Project 2 (Simply Blue Energy 1 Ltd.)

• Scoping of “South Western Approaches” opportunity in Bristol channel for 100MW (pre-commercial) to >500MW (commercial) floating wind farms

Project 3 (New Co.)

• Scoping and consenting of Kinsale Gas Field in Southern Ireland for 100MW (pre-commercial) to 1GW (commercial) floating wind farms

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SBE – PPI Partnership – Wave Hub & SW Approaches

Wave Hub site, Cornwall: 4 x 8MW

turbines Owned by Wave Hub Ltd which is owned by

Cornwall County Council. Grid connected, wave energy

consent being repurposed for floating wind. WindFloat the only

viable technology and exclusive to Simply Blue Energy Ltd. for

the Wave Hub site

South Western Approaches 500MW+Initial constraint mapping by Aquatera (graphic above)

WindFloat the only viable technology, exclusive to SBEW in the

designated Areas A, B and C.

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Why Floating?

• > 80% of Ireland's vast offshore wind resource is in waters > 60m deep on the unhindered south and west coast crossing the Atlantic

• Competitive with fixed offshore at commercial scale – circa 2028

Opportunity for Ireland?

• Ireland is Europe's 4th largest territorial area allowing for disputed marine area and Europe's 2nd largest allowing for its undisputed marine area

• Ireland ambition for offshore wind increasing from 4.5GW (2014 OREDP) to 25GW (SEAI 2011-2018) which will hopefully be allowed for in the Marine Spatial Plan (MSP) to be completed by Mar ‘21

• Export Potential – Celtic Interconnector

Floating Offshore Wind – Irish Opportunity

Macroeconomic Benefits of Floating Offshore Wind for the UK – Catapult September 2018

• 17,000 jobs and £33.6bn of GVA for £2.2bn of early stage deployment support• Return of £15 for each £1 invested• 10GW of the 55GW offshore wind capacity by 2050

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Thank you!