Japan’s largest gas company, Tokyo Gas, has taken a $22m stake in US floating wind pioneer Principle Power, oiling the wheels of the latter’s ambitions in the highly-prospective Asian island market and giving an industrial fillip to the wider region’s emerging deep water offshore play.
The fundraising, the largest equity round closed by Principle Power to date, will be channelled into accelerating commercial-scale deployment of the WindFloat platform concept – trialled as a prototype from 2011-2016 off Portugal and seeing use on a range international projects including WindFloat Atlantic, now in commissioning off Europe – and spearheading its sale into a 20GW-plus floating wind pipeline in Asia.
