EDP Renovaveis SA and partners set up a consortium to build a floating offshore wind farm off the coast of northern Portugal.
The group plans to install three or four wind turbines with a combined capacity of 25 MW as part of a project to be located 20 kilometers (12 miles) into the sea at Viana do Castelo, according to a joint statement.
Mitsubishi Corp., Chiyoda Corp., Engie SA and Repsol SA are also taking part in the project, according to the statement.
The wind farm, to be operational in 2018, will cost 16 billion yen ($130 million), Mitsubishi and Chiyoda said in a separate statement.
The group will receive support from the European Commission through the NER 300 program and the Portuguese Carbon Fund set up by the government, according to the statement. The project was also selected for the InnovFin program by the European Investment Bank.
The wind farm will use a foundation technology developed by Principle Power Inc., which has been implemented in a project with a 2 MW turbine mounted on a floating foundation, the companies said in the statement.
©2015 Bloomberg News
Lead image: Portugal, Portimao. Credit: Shutterstock.