Enabling a paradigm shi/ in Offshore Wind. US Offshore Wind Infrastructure Boston, MA April 2016

Transcription

1 Enabling a paradigm shi/ in Offshore Wind US Offshore Wind Infrastructure Boston, MA April 2016

2 Corporate Vision and Mission Our Vision Be the leader in deep water wind technology development thereby opening access to new sources of clean renewable energy globally Our Mission To make the WindFloat the most compeccve, safe, reliable and environmentally friendly floacng technology for deep-water offshore wind while enabling global offshore wind markets to reach their full potencal 2

3 Strong InsCtuConal Backing and Experienced Management Team Shareholding Others 26% 25% 12% 13% 23% Partner Key Management João Metelo Chief Executive Officer Previously, CFO of EDP Renewables North America Earlier positions include Director of Strategic & Financial Planning at Horizon Wind Energy and M&A/Corporate Development Manager at EDP Group Dominique Roddier Chief Technology Officer Previously, ExxonMobil Senior Research Engineer at Upstream Research Group PhD in Naval Architecture from UC Berkeley, MS in Ocean Engineering Christian Cermelli Chief Naval Architect Previously, Senior Research Engineer in the Floating Systems Group at Shell International EP PhD in Naval Architecture, UC Berkeley; Registered PE, Texas Ralph Sahrmann General Counsel Trial lawyer and International Corporate Counsel JD U of BC, Bar

4 PPI Worldwide Resources : 30+ people worldwide PPI Headquarters Berkeley, CA, US PPI Europe Aix-en Provence, FRANCE Corporate Head Office CEO Finance, admin Engineering Disciplines Projects Aero-Hydro Structural DraGing, Doc Control Engineering management support to US and Asia Engineering Disciplines Projects Mooring dynamics Hydrodynamics Power cable Eng./ management support to Europe BD support for Europe Supervision of Portugal OperaOons PPP - Portugal Support to WF1 prototype Country manager Projects O&M team Project management Portugal Project 4

5 Our Vision: Be the leader in deep water wind technology thereby opening access to new sources of clean renewable energy globally Energy Outlook Europe: Offshore wind can play a critical role in Europe s 2030 targets of 40% GHGs reduction and 27% share of renewables - it can deliver up to 65 GW in Europe by 2030, representing 8.4% of Europe s demand EWEA / E&Y 2014 World: Installed capacity of offshore wind power reaches almost 190 GW in 2040 (Current: 9 GW); The rate of deployment of offshore wind power ( ) depends on the wind power industry being able to achieve significant cost reductions WEO 2014 Key Offshore Wind Industry Trends Further from shore Deeper waters Larger Farms While Reduction of costs and risk needed to truly globalize the Industry! The WindFloat, a Key part of the solution to bring offshore wind to its potential Globally Patented, Proven Floating Technology >3y operation Leading in Cost and Performance; LCOE competitive with currently commercial technologies Reduction of Cost and Risk for the Industry 5

6 Global Market for Deep Offshore Wind current projeccons consider mostly shallow sites - deeper waters are an untapped resource 6

7 As the industry moves deeper, floacng will be key part of the solucon and FloaCng Semi-Sub technology is compeccve >40m The WindFloat design is predicated on well-established and proven offshore oil & gas semisubmersible plasorm technologies. Monopile 0-30m, 1-2 MW Jacket/Tripod 25-40m, 2-5 MW Semi-Sub Floating Structures >40m, 5-10MW TLP Spar Floating Structures >120m, 5-10MW The Semisubmersible technology is viable in all types of water depths above >40m 7

8 FloaCng Offshore Wind is an Industry Game-Changer in Two Ways Key Industry Trends Further from shore Deeper waters Larger Farms While Reducing cost and risk needed to truly globalize the Industry! FloaCng wind: a game changer Open the market for deep water exploitacon (>60m) Open coastal markets with high power demand, high prices, high populaoon density and deep waters Expanding total market for offshore wind SubsCtute exiscng technologies in transiconal waters (40-60m) FloaOng Semi-Sub technologies will be a compeoove alternaove to current foundaoons (eg. Jackets / gravity based foundaoons) Opportunity to capture market share from exisong technologies 8

9 Proven technology, OperaCng Since 2011; MeeCng Manufacturers SpecificaCon; Producing c. 16GWh of Energy; Tested in Extremes

10 WindFloat Technical Overview 1 Turbine AgnosCc 2 Any convenoonal commercial Turbines Minimum redesign in: - Control system sogware - Tower structural interface Hull Trim System (AcCve ballast) Displaces some water between columns to compensate for changes in mean wind velocity and direcoon 1 3 Water Ballast 4 (OperaConal dra/) Located at the bo^om of each column and used to achieve operaong drag More water in the columns not supporong the turbine Heave Plates (Dynamic Stability) Move plasorm natural response above the wave excitaoon (mass of entrained water) Viscous damping reduces wave induced mooons

11 The WindFloat has now been proven with 4 years of operacon, 16GWh performing according to Spec and tested in extreme condicons Performance According to Turbine Manufacturer SpecificaCons Full Scale 2 MW Vestas Turbine No power performance losses are idencfied The WF plasorm does not induce a negaove effect in the performance of the turbine Prototype Tested in All Weather CondiCons and Extreme Events 2012/2013 Extreme Weather CondiCons: o Max wave height 16 m o No structural damages Designed to operate up to 6.6m significant wave height (this limit was exceeded only 1% of the Ome) WF1 Power produced binned by sea states Power (KW) Power (KW) Hs=0-1m Hs=1-2 m Hs=2-3 m Hs=3-4 m Wind Speed (m/s) 11

12 OpportuniCes to Reduce Cost and Risk, promocng a paradigm shi/ in the offshore wind industry => Beker Financiability! Cost! Reduce Environmental Impact and Geotechnical Requirements! Flexible Site LocaOon / Water Depth independence! Serial ProducOon! Quayside Commissioning and WTG InstallaOon ReducCon of Cost & Risk! Marine Spread / ExisOng Vessels! Lower Interface Risk with offshore contractor! Lower Weather Dependence Risk! Return to Shore for UnanOcipated Maintenance 12

13 The WindFloat is the leading technology in terms of cost compeccveness among alternacve FloaCng Technologies Historical Cost of FloaCng Wind Installed EUR M / MW Fukushima 7 MW, 2015 Hywind 2.3 MW, 2009 Fukushima 2 MW, 2013 WindFloat 2 MW, 2011 Source: Principle Power and Bloomberg New Energy Finance, December

14 WindFloat Technology EvoluCon " Larger turbines (x3-4) " Project Arrays " Design life extension (x5) " ProporOonally smaller plasorm " Structural opomizaoons " Equipment improvement " Accessibility " Mooring/Inst. Improvements " Connect/Disconnect Capability " Full Class CerOficaOon! Produced over 16 GWh! Power Performance according to Spec! Tested in most extreme condioons (>18m waves)! PosiOve Yearly InspecOons 14

15 LCOE compeccve with currently commercial technology such as Jackets and the most cost effeccve in deep waters Levelized Cost of Energy ( /MWh) Current EUR / MWh Target: 100 / MWh NREL Feb Jacket 45m WF 45m Jacket 60m WF 60m Water Depth Source: GL / GH, December 2012 NREL, Feb

16 Past the technical proving stage; currently proving economic and financial viability in order to be commercial by end of the decade Maturity Phase 1 Technology DemonstraOon Technology Development and patents Successful fabricaoon, installaoon and operaoon Phase 2 Pre-Commercial Building demonstraoon scale farms in 1 or more geographies to prove concept financially and economically Focus on technology Roadmap and Levelized Cost of Energy ReducOon Phase 3 Commercial CompeOng in the Marketplace with other technologies and sources of energy >

17 WindFloat Being Embraced by the Global Marketplace Scotland 48 MW 5-8 MW WF units France Up to 48 MW 6-8 MW WF units WindFloat Japan 5-6MW unit, potenoal to be followed by ~ 10 units WindFloat Pacific (Oregon) Up to 24MW 6-8MW WF units in the Pacific High Wave/ High Wind WindFloat AtlanCc (Portugal) 25MW 6-8MW WF units in the AtlanOc High Wave/ Medium Wind - Near Term Projects/Contracts - Commercial / Target Markets 17

18 Water depths in Massachuseks Bight suitable for the WindFloat

19 Major Investment and Industrial RelaConships Globally; Approvals from Class; Strong InsCtuConal Support US Asia Europe Class InsCtuConal Support 19

20 Global Target Markets PPI s core target markets in the near-term Europe UK/Scotland: immediate opportunity for market entry (> 17GW potencal, project KOWL ) France: Tender for FloaOng Projects launched in Summer 2015 working on establishing consoroum Portugal: significant opportunity in the near-term with the WindFloat AtlanCc (25MW) project USA Significant potenoal given lengths of coastlines and large domescc market seeking alternaove energy sources Individual states legislaoon require increasing % of renewable energy sources (e.g. California 50% by 2030) IniOal target US markets: Pacific coast, Hawaii and the Northeast Japan Over 1,600 GW of offshore wind energy potenoal (esomate of Japan s Environmental Ministry) due to deep waters large coast, terrestrial constraint and aim to reduce nuclear energy Feed-in Tariff (USD360/MWh) has been introduced by the Government to increase offshore wind energy to over 8 GW by 2030 First inioal pre-commercial project NEDO, and follow on developments Other Asian near-term markets Korea & Taiwan: large potencal given outstanding offshore wind resources Taiwanese Government targets of 3GW of offshore wind by 2030 and introduced a Feed-in Tariff spur development Korean Government has plans to install 2.5GW of offshore wind by 2019 (mainly Yellow Sea). China very large future offshore market 20

21 IntroducCon of FloaCng Wind frees up huge new areas for economical development off MA/RI WindFloat maximizes developable areas (almost 1300 sq. km deeper than 50m) WindFloat offers serial producoon across water depths and regardless of bo^om condioons InstallaOon methodology frees developer from reliance on specialized vessels and Jones Act compliance issues No piling requirements directly responsive to Right Whale concerns Drag embedment anchors provide significant siong flexibility Water depths and wind speeds in Leasing Area NREL, 2013

22 Key Take Aways 1 The WindFloat is already proven technology, and is now proving its financial and economic viability 2 ReducCon of Cost and Risk => Addressing the industry s challenges while enabling it to reach its full potencal in MA and elsewhere 3 Already several Pre-Commercial Projects ongoing worldwide, expeccng to be deploying commercially in the marketplace by end of decade 4 The United States is increasingly a Priority Market for the WindFloat, where it can provide solucons for renewable energy goals, porwolio diversity and transmission constraints 22

23 Kevin Banister Business Development principlepowerinc.com