Floating wind foundation developers Principle Power and Stiesdal could gain important edge through the UK’s fifth CfD auction

June 6, 2023
 | 
2 min read
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Following the UK CfD allocation round 5, Principle Power could overtake Equinor as the floater concept developer with the most capacity built or on the way to be built, and Stiesdal could move up significantly.

With so few floating wind auctions still taking place around the world, every MW allocated is important to the players trying to establish themselves in the sector. We are therefore closely watching the fifth allocation of CfD’s for renewable energy projects in the UK, where three floating wind projects are eligible.

How the UK CfD AR5 could impact floater concept developers

If one or more of the three floating wind projects in UK CfD AR5 are awarded support and move to construction, it could significantly impact the relative levels of demonstrable project experience of major floating wind concept developers:

  • Principle Power has been tapped for the 100 MW project Erebus. If Erebus wins a CfD in the UK’s fifth allocation round, Principle Power could take the lead as the floater concept with the most MW’s in the pipeline.
  • Stiesdal TetraSub is the chosen foundation for the Pentland project, also 100 MW, and if the Pentland project wins, Stiesdal could move up significantly in the ranking.
  • However, as the last of the three floating projects qualified for the auction, the 58 MW Blyth 2, has not yet announced a floater of choice, a dark horse could emerge to tip the scales further and change the picture again.

Aegir Insights is following auction developments in the UK closely and recently deep-dived on some of the most interesting features of AR5 in our Market Insights coverage.

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