WindFloat Atlantic: a step change in

turning floating wind commercial

London, 1st March 2016

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WindFloat Atlantic: a step change in turning floating wind commercial

Technical
Performance

Competitive LCOE Bankability

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WindFloat Description of the Technology
WindFloat was developed by Principle Power, a company controlled by EDP, Repsol and other partners

Others

26% 25% 12% 13% 23%

Partner
WindFloat Description of the Technology
WindFloat is a simple but highly performing system to achieve superior stability

1 Turbine Agnostic 2 Hull Trim System

Any conventional (Active ballast)
commercial Turbines
Displaces some water
Minimum redesign in: between columns to
- Control system compensate for
software changes in mean wind
- Tower structural velocity and direction
1
interface

3 Water Ballast 4 Heave Plates

(Operational draft) (Dynamic Stability)
Located at the bottom Move platform natural
of each column and response above the
used to achieve wave excitation (mass of 2
operating draft entrained water)
3
More water in the Viscous damping
columns not supporting reduces wave induced
the turbine motions 4

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 WindFloat Technical Performance
Survivability and performance is demonstrated in normal and extreme conditions.
2000

1800

1600

1400

1200

Power [kW]
1000

800

600

400

200

Windfloat has suffered waves above 19m. 0

Behavior of WindFloat in line with the models and turbine is following its original power curve.
0 5 10 15 20 25
WindSpeed [m/s]

Produced more than 16 GWh.

Availability in in Oct.2014-Sept. 2015 was 96%
Confirmation of PPIs dynamic models
Power curve within manufacturers tolerance
Survability demonstrated vs. 20-year storm
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WindFloat Atlantic Project
WF1 outstanding performance has encouraged Windplus to launch Phase 2 (WindFloat Atlantic)

Total capacity: 25MW capacity, (3 units equipped with

Vestas V164),
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
Strong Institutional Support:
- EU: NER 300
- Portugal: Feed-in Tariff, APA

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 WindFloat Atlantic Project
WindFloat Atlantic is planned to be operational in 2018 NON-EXHAUSTIVE
2015 2016 2017 2018
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Partnership negotiation
Permitting:
Maritime licensing
Environmental (if needed)
Production license
Power licensing
LBI signature LBI
Wind campaign (lidar)
Turbine TSA/MSA TSA signed
Foundation design (FEED)
Detailed engineering design Fabrication contract closed
Fabrication tender
Offshore installation contract closed
Offshore installation tender
Project financing preparation
Banks due dilligence
FID by project partners FID
Steel order
Interconnection studies and
EPC tender process
Interconnection design
Interconnection execution
Foundation fabrication
Dry dock assembly
Offshore installation&
Commissioning
Energy Production - start 7
 Pre-commercial Floating Offshore Wind Projects Show Progression in LCOE

LCOE
(EUR/MWh)

600 WF1
(2 MW)
500
>400
400
Current design
LCOE @ EUR 110- Pre-Commercial Demos
300 120 / MWh for (20-50 MW)
Large WF
180-220 Commercial Projects
200
(>100 MW)
UK Cost Reduction Goal: 135/MWh
100 (GBP 100) <100

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 >2020

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WindFloat Competitive LCOE
Scale and technical/technology innovations are already delivering important savings

larger turbines (x3-4)

design life extension (x5)
global sizing smaller platform
structural optimizations
equipment improvement
accessibility
mooring improvements
installation improvements

Capacity: x4

Production: X4,5

Unit cost: x1.75

WF1 WFA

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WindFloat Competitive LCOE
There is still significant innovation under way that will drive cost down to the 100/MWh target soon

General 1. Larger Turbines; power / weight ratio

Design 2. Structural Optimization / Hull weight

3. Optimize Ballast System

Detailed
Design 4. Optimization of controllers for Loads
5. Challenging Class rules for lighter / cheaper design
Target:
Fabrication 6. Industrialization / Serial Fabrication/ Minimize ~EUR100/MWh
downtime (Communications, Access, etc)

7. Improve reliability
Operations

Other 8. Alternative Steels / Other Materials

Innovations 9. Mooring Innovations
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WindFloat Bankability
Windplus is about to close a deal to allow 5 new shareholders to finance WFA

EDPR Mitsubishi Chiyoda Engie + Marubeni Repsol

Corporation Corporation

19,4% 20% 20% 20% 19,4%

1,2%

WindPlus, S.A.

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

First floating wind farm

ever financed with non-
recourse debt

Commercial Commercial
Bank 1 Bank 2

Consortium approved, pending due diligence

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 WindFloat Bankability
Floating presents significant risk advantage vs. fixed structures
Description Implications
Fully conducted onshore Lower design risk
Fabrication All structures are alike Lower execution risk
Certification: strict guidelines from oil & gas
industry
Anchoring technology with >60 year experience Lower geotechnical
Sea bed Big flexibility on soil conditions costs and risk
Lower need of geotechnical studies
Shorter weather windows required Lower execution costs
Installation Fewer and simpler operations and risk
No use of special installation vessels Lower weather risk
Shorter weather windows required Lower execution costs
Large Fewer and simpler operations to be conducted and risks
correctives offshore Lower weather risk
No use of special O&M vessels
Simple operation Lower execution risk
Decommis-
No impact whatsoever on the site Lower third party risk
sioning
All works done onshore 13
WindFloat Bankability
WFA: Large correctives will be conducted quayside in a protected environment

Quays already
2 Towing is conduted identified with
by local regular tugs sufficient draft for
(already identified O&M work quayside
and open for lease on
short-term call)
Transport time is 1-2
days

3 Large component
replacements are conducted
~100km quayside in the port using
standard onshore cranes.
Port of Vigo has confirmed
its availability for these
activities.
Windplus already has quotes
1 Mooring and
interarray cables are for suitable onshore cranes
designed for a simple
release and hook-up

Total downtime can be lower than 15 days with a

total cost of less than 500k
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THANK YOU!