It has increased its ownership in the floating wind technology company from about 20% to an expected 39%.
The transaction has a value of about NOK180 million ($20 million). The acquisition of shares is funded by the proceeds from the private placement completed on Nov. 16, Aker Offshore Wind said.
Principle Power has an established track record from several years of offshore operations and 34,000 operating hours with its WindFloat foundation. The company recently saw the installation of a 9.5 MW turbine in the Kincardine project, the biggest floating wind turbine in the world to date. Three 8.4 MW WindFloat turbines are also operating in the WindFloat Atlantic project offshore Portugal.
