Technical Innovation Key to Future of US Offshore Wind

London, October 9th, 2012 – The success of the North American offshore renewable energy industry will depend as much on future, sustained investment in technological innovation, as it will on backing pioneering offshore power projects.

That is according to GCube, the leading provider of underwriting services for renewable energy projects, which has collaborated with Seattle based renewable energy technology developer, Principle Power, to underwrite the firm’s pioneering floating offshore system, the WindFloat.

As offshore ambitions escalate, and developers head for deeper water to guarantee greater wind speed and reduce intermittency issues, new technology is being introduced to help tackle what has become an increasingly complex offshore installation challenge.

“The North American offshore wind market will provide an opportunity for developers to innovate with technology to overcome some of the issues that have faced their counterparts in the European markets” said Jatin Sharma, Business Development Leader, GCube.

“In the past six months, overseas intellectual capital and lessons learned are supporting proposals to de-risk a potentially huge US Offshore market,” said John McLane, President, GCube.

“By providing a collaborative environment that draws on many of the European lessons learned, GCube is able to support our US clients innovate, design and build a new market segment to add to the energy mix.”

“With the renewable energy industry under pressure to deliver results, particularly offshore, the sector needs reliable risk partners who understand industry needs and are able to respond with solutions that provide a secure backdrop for continued growth.”

Alla Weinstein, CEO of Principle Power, commented: “As a technology developer that seeks to provide solutions to overcome the existing barriers in the offshore wind industry, we recognize the importance of having a risk partner that understands the complexities of taking a new technology to market.”

“The ‘WindFloat’ solution enables the offshore wind industry to overcome a number of technological, risk and cost barriers that have so far constrained its ability to reach the best wind resources and to lower the levelized energy cost.”

GCube will be attending the American Wind Energy Association conference in Virginia Beach, VA from October 9-11, 2012.

About Principle Power

Principle Power, www.principlepowerinc.com, is a US technology developer based in Seattle, WA, focused on the offshore wind energy market. Principle Power’s enabling product, a floating wind turbine support structure called the WindFloat, permits the siting of offshore wind turbines in water depths greater than 40m, thus exploiting the world’s highest capacity wind resources. Offshore wind installations in these water depths have not been feasible, to date, due to economic and technological limitations. A 2MW prototype of the WindFloat is currently operating offshore of Portugal and is the first offshore wind turbine to be installed without the use of heavy lift equipment.

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