The WindFloat Project

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Hamburg, September 2016

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WindFloat Atlantic: a step change in turning floating wind commercial

Technical Performance

Competitive LCOE Bankability

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• 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

WindFloat Atlantic: overall description of the Project

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WindFloat is a simple but highly performing system to achieve superior stability

WindFloat – Description of the Technology

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2

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Turbine Agnostic Hull Trim System (Active ballast)

1 2

3 4Water Ballast (Operational draft)

Heave Plates (Dynamic Stability)

• Any conventional commercial Turbines

• Minimum redesign in:- Control system –

software- Tower – structural

interface

• Displaces some water between columns to compensate for changes in mean wind velocity and direction

• 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

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Survivability and performance is demonstrated in normal and extreme conditions. WindFloat – Technical Performance

0 5 10 15 20 25

0

200

400

600

800

1000

1200

1400

1600

1800

2000

WindSpeed [m/s]

Pow

er

[kW

]

• Produced more than 17 GWh

• 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

Behavior of WindFloat in line with the models and turbine is following its original power curve.

Windfloat has suffered waves above 19m.

Join us!

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• larger turbines (x3-4)• design life extension (x5)• global sizing – “smaller” platform• structural optimizations• equipment improvement• accessibility• mooring improvements• installation improvements

WF1 WFA

WindFloat – Competitive LCOEScale and technical/technology innovations are already delivering important savings

• Capacity:

• Production:

• Unit cost:

x4

X4,5

x1.75

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Pre-commercial Floating Offshore Wind Projects Show Progression in LCOE

LCOE(EUR/MWh)

100

200

300

400

500

600

2010 2013 2014 2015 2016 2017 2018 2019 2020 >20202011 2012

180-220

>400

WF1 (2 MW)

Pre-Commercial Demos(20-50 MW)

<100

Commercial Projects(>100 MW)

UK Cost Reduction Goal: 135€/MWh

(GBP 100)

Current design LCOE @ EUR 110-

120 / MWh for Large WF

Current design already competitive for large commercial wind farms

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Windplus Shareholding Structure

EDPR DGE (MitusbishiCorporation)

CGE (ChiyodaCorporation)

Trust Energy (Engie+ Marubeni)

19,4%

1,2%

20% 20%

Repsol

20%

WindPlus

Principle Power

19,4%

Experienced and strong partners with presence in EU and Japan

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WFA is progressing well to achieve the first project financing of a floating structure

WindFloat – Bankability

Commercial Bank 1

Commercial Bank 2

First floating wind farm everfinanced with non-recourse

debt

Consortium approved, pending due diligence

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Floating presents significant risk advantage vs. fixed structures

WindFloat – Bankability

Fabrication

Sea bed

Installation

Large correctives

Decommis-sioning

• Fully conducted onshore• All structures are alike• Certification: strict guidelines from oil & gas industry

Description Implications

• Lower design risk• Lower execution risk

• Anchoring technology with >60 year experience• Big flexibility on soil conditions • Lower need of geotechnical studies

• Lower geotechnical costs and risk

• Shorter weather windows required• Fewer and simpler operations• No use of special installation vessels

• Lower execution costs and risk• Lower weather risk

• 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

• Simple operation• No impact whatsoever on the site• All works done onshore

• Lower execution risk• Lower third party risk

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WFA: Large correctives will be conducted quayside in a protected environment

Mooring and interarray cables are designed for a simple release and hook-up

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Towing is condutedby local regular tugs(already identifiedand open for lease onshort-term call)Transport time is 1-2 days

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~100km

Quays already identified with sufficient draft for O&M work quayside

Large componentreplacements are conductedquayside in the port usingstandard onshore cranes.Port of Vigo has confirmedits availability for theseactivities.Windplus already has quotesfor suitable onshore cranes

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Total downtime can be lower than 15 days with a total cost of less than 500k€

WindFloat – Bankability

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WindFloat Atlantic: a step change in turning floating wind commercial !

Technical Performance

Competitive LCOE Bankability

THANK YOU!

Join PPI this afternoon!

September 27th, from 4pm to 5.30pm

Bucerius Law School

10 min Walk

Room 1.11- Baker & McKenzie at the

Hamburg Bucerius Law School

WF1 Experience: 5 years Successful Demonstration