windfloat: ready for commercial deployment around the world...2019/05/05 · source: roland berger,...
TRANSCRIPT
WindFloat: Ready for Commercial Deployment around the World
April 4, 2019
Principle Power
Successful 5-year Full Life-Cycle Demonstration
2MW Vestas, Identical Performance to Fixed Foundation
17GWh, Produced in 12m waves; Survived 17m waves
3 Precommercial Projects in Progress (~100MW of installed floating capacity by 2021 in Europe)
Commercial Developments in Europe, USA, Asia
Shareholders Partners
Founded in 2007
> 70 employees - Offices in California, FR, and PT
Presentation of the company
Principle Power
Our Vision
Be the global leader in deep water wind technology
Our Mission
To make the WindFloat the most competitive, safe, reliable and environmentally friendly floating technology and unlock GWs of global renewable energy potential
Presentation of the Company
Full life-cycle support to customers
Lower Costs & Risks
Location & Depth
Constraint Mitigation
CO
MM
ERC
IAL
AD
VA
NTA
GES
LOREM IPSUMLOREM IPSUM
Technology development
and R&D
Inspection,
Maintenance and
Repair
Project
Development
Operations Support
Overall system
Design and
Engineering
ProcurementConstruction
Installation and
Commissioning
Project Developers
Utilities & IPPs
Offshore Wind
Owners
EPC Companies
TAR
GET
CU
STO
MER
S
0
20
40
60
80
100
120
140
160
180
2014 2016 2018 2020 2022 2024 2026 2028 2030
Off
sho
re W
ind
Inst
alle
d C
apac
ity
(GW
, Cu
mu
lati
ve)
IHS 2015
BNEF 2018
BNEF 2018 + CAGRs
Offshore wind BP 2018
Source: IHS, JRC, BNEF, Principle Power, 2015
The Offshore Wind Industry is projected to grow at a 20% CAGR…
Source: Roland Berger, April 2013
Global Offshore Cumulative Capacity (GW) Distance to Shore and Water Depth Trends
2014:
10 GW
2028:
111 GW
Semi-Sub TLP SparBarges / Hybrids
Monopile
(0-45m)
Jackets
(30-60m)Floating Structures (40m to 1000m+)
Water Depth
Co
st
…and the trend is to move to deeper waters
WindFloat Technology Presentation
1
3
2
4
Turbine AgnosticHull Trim System (Active ballast)1 2
3 4Water Ballast (Operational draft)
•Any conventional commercial Turbines
•Minimum redesign in:
- Control system – software
- Tower – structural interface
• 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
6
• Displaces some water between columns to compensate for changes in mean wind velocity and direction
Heave Plates (Dynamic Stability)
8
• Vestas V80 2MW performed as well as on a
bottom-fixed foundation - Generated over 17
GWh of clean energy
• Operation up to 1-year Return Period Storm
Conditions (Hs=7m)
• Endured intense storms: 17m waves, 30+m/s
winds
• Demonstrated philosophy of construction,
installation, and decommissioning
• Incorporated lessons to improve next
generation of technology
WindFloat is a proven technology: Successful 5-year Lifecycle Demonstration in North Atlantic (WF1 from 2011-2016)
Financing Entities are already seeing the large paradigm shift the WindFloat represents in terms of Reduction of Cost and Risk…
Risk
Reduction of Cost and Risk
• Reduce Environmental
Impact and Geotechnical
Requirements
• Marine Spread / Existing
Vessels
• Flexible Site Location / Water
Depth independence
• Lower Interface Risk with
offshore contractor
• Serial Production
• Lower Weather
Dependence
• Quayside Commissioning
and WTG Installation• Return to Shore for
Unanticipated Maintenance
Cost
Proving the industry is technically viable; now showing economic and financial viability to be commercial by end of decade
Maturity Storyline
Demo-scale projects structured to: 1) Prove Bankability and 2) Advance LCOE => a Gateway to large commercial scale
Eiffage Yard,
Fos/mer
WindFloat Atlantic - 25 MW, 2019• 3x 8.3 MW MHI Vestas
• 20 km out; 100 m deep
• Local Shipyard Construction
• Certified by ABS
• Feed-In Tariff
• Equity Financing complete w/ strong international sponsors
• First Bank Financed Floating Wind Farm
9
Demo-scale projects structured to: 1) Prove Bankability and 2) Advance LCOE => a Gateway to large commercial scale
WindFloat Kincardine (Scotland) : retrofit
of WF1 to be followed by 48MW more; world’s largest available WTGs; Operational in 2020
▪ Total capacity: 50MW capacity (2MW + 5 units of 9.5 MW)
▪ Location: 15 km off Aberdeen; ~60m depth▪ Status:
• Phase 1: WF1 Installation - Summer 2018• Phase 2: Installation - 2020
Golfe du Lion24 MW, France, Operational 2021
• 4x 6 MW
• 18 km out; 70-100 m deep
• Modular construction and Local final assembly
• Certified by BV
• Feed-In Tariff (through competitive process)
• Very strong consortium with major energy companies and industrials
• Major innovations to advance technology to the next level of competitiveness
9
Jump-starting the industry in CA with the Redwood Coast Offshore Wind Project…
100-150 MW, California, Operational 2024Flagship project for offshore wind industry in CA and the West Coast
• 12+ MW offshore wind turbines
• 25+ miles out; 700-900 m deep; world-class wind resource (9.5+ m/s)
• Deployable by 2024
• Creation of a public-private partnership with RCEA
• PPI part of Consortium and WindFloat tech selected by RCEA’s RFQ in March 2018
• Strong local community support and control
• Potential to revitalize the Port of Humboldt Bay; could become leading hub on West Coast
• Large potential to drive investments in infrastructure and create local jobs
Once validated, floating foundations are well poised to leverage cost reductions in the fixed bottom value chain
http://tki-windopzee.eu/files/2015-10/151028-tki-offshore-wind-cost-reduction-final-stc.pdf
LCOE reduction has been the focus of every project - WindFloat is on its 3rd generation design
LC
OE
2006 2011 2016 20192008 2021
WindFloat V3.
▪ Commercial
▪ Turbine size 6-15 MW
▪ V3.0 EFGL
▪ V3.1 H20 10+ MW
▪ V3.2 RCEA CA, US
▪ V3.3 500 MW Commercial
WindFloat V2.
▪ Pre-commercial
▪ Turbine size 5-8 MW
▪ V2.0 WFP
▪ V2.1 WFJ
▪ V2.2 WFA
WindFloat V1.
▪ Prototype
▪ Turbine size .25-2 MW
▪ V1.0 3x250KW
▪ V1.1 1 MW
▪ V1.2 WF1 (2 MW)
LEGEND
MF-Wind: Original development, Private funds
WF1: Prototype in Portugal, Venture Investors
WFP: WindFloat Pacific; DOE grant
WFJ: WindFloat Japan; NEDO grant
WFA: 25MW Portugal, Developer + Bank Financing + NER300
EFGL: 24 MW France, Developer, Bank Financing + ADEME
KOWL: 50 MW Kincardine, Scotland, Developer + ROC regime
H2020: Senvion led H2020 EU Grant 2018-2020
WFHB: 120 MW Humboldt Bay, California, US, Project Financed
MF-WindWF1
WFP
WFJ
WFA
H2020EFGL
WFHB
KOWL
The WindFloat is on track to compete with conventional power, other renewables, and bottom-fixed offshore wind
1based on illustrative next generation turbine parameters, current macro economic conditions, and business case assumptions
Demo-Scale: 25-30 MW, 8 MW TurbinesFirst Commercial:300 MW, 9-10 MW TurbinesMature Commercial: 600 MW, >12 MW Turbines
Adjusted Strike Price (EUR/MWh)
Announced Fixed Projects vs WindFloat
Floating is gaining momentum towards commercial phase → >19.4 GW floating projects announced globally
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Cu
mu
lati
ve k
no
wn
flo
atin
g ca
pac
ity
(MW
)
Uk, North Sea Basin & Baltic Atlantic Other Europe US Japan Asia
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
An
nu
al k
no
wn
flo
atin
g ca
pac
ity
(MW
)
21
The WindFloat Solution A 3rd Generation Floater
• 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
Class approved:
WindFloat Gen II/III6-8 MW
(1500t to 2400t
• Capacity:
• Production:
• Unit Cost:
X3-4
X4-5
x1.75
Key Takeaways
22
The WindFloat is already proven technology, and is now proving its financial and economic viability;
The WindFloat addresses the industry’s bottom-fixed foundation challenges, while enabling offshore wind to reach its full potential;
Principle Power is already executing on several pre-commercial projects globally => ~100MW of expected floating wind capacity installed by 2021;
WindFloat expected to be deployed commercially in the marketplace by end of decade;
The key for market leadership is to continue executing on pre-commercial projects and developing utility-scale commercial projects.
