DNV GL provides technical and market advice to Tokyo Gas on USD 22 million investment in Principle Power floating wind technology

Published: 5 August 2020 - 5:34 a.m.
By: Carla Sertin
DNV GL, the world's largest resource of independent energy experts and certification body, has supported Tokyo Gas with an assessment of key technical and market risks ahead of a USD 22 million investment in Principle Power Inc.’s WindFloat® technology.

With its ability to operate in harsh conditions and strong wind flow, floating wind offers countries around the world a way to expand wind resources by enabling production at deepwater sites. Consequently, floating wind is predicted to grow worldwide, rising from around 100MW today to 100GW in 2040 according to a recent DNV GL analysis.

Japan has a uniquely demanding energy need and, with the deep waters combined with strong winds, the country is looked at as one of the countries where floating wind energy could mature and commercialize.

As a major player in the Japanese energy industry, Tokyo Gas is working to build renewable energy sources both in Japan and globally, and beyond to achieve net-zero CO2 emissions, as set out in its Vision “Compass2030”.

Tokyo Gas was interested in investing in Principle Power’s WindFloat® as part of this ambition and called on DNV GL as an established local partner with proven experience in floating wind technologies and insights into new markets such as Japan. In its role of exclusive technical advisor to Tokyo Gas for this deal, DNV GL assessed the risks of deploying such technology in the Japanese and global markets as well as the specifics of Principle Power’s WindFloat® technology, including a comparison with other floating wind technologies available worldwide.

“We have a strong local team in Japan who were able to leverage our center of excellence for floating wind located in Norway to support Tokyo Gas in assessing this investment. As floating wind is deployed around the globe, our center of excellence is ready to bring this support to many other customers as well,” said Nicholas Renon, Executive Vice President for DNV GL’s Energy business in Asia Pacific.

DNV GL is the leading provider of technical due diligence for banks and investors, with involvement in multiple projects and market. Its expertise in both technology and project deployment stems from a long legacy in supporting oil and gas projects, bottom fixed offshore wind projects and more recently floating wind projects.

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