Principle Power Inc. has signed a Memorandum of Agreement with Energias de Portugal (EDP) for the phased development of a deep-water offshore wind power project sited of the coast of Portugal using the WindFloat.

"The development of floating foundations for wind turbines is a pre-requisite to the development of offshore wind farms worldwide, as areas in which the sea bed is less than 50-meter deep are scarce and fixed structures in deeper waters are economically not feasible." -- Antonio Mexia, CEO, EDP