Quinbrook Infrastructure Partners acquisition

DNV GL has been selected by Tokyo Gas to provide technical and market advice on a $22 million investment in Principle Power’s floating wind technology.

The acquisition falls under efforts by Tokyo Gas to expand its portfolio of renewable energy sources both in Japan and globally to achieve net-zero carbon emissions, as set out in its Vision “Compass2030”.

DNV GL assessed the risks of deploying floating wind 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.

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The technology has the ability to operate in harsh conditions and strong wind flow and as such plays a role in helping countries around the world to expand wind resources by enabling production at deepwater sites.

DNV GL predicts the floating wind market will rise from around 100MW today to 100GW in 2040.

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 commercialise.

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Nicholas Renon, the executive vice president of DNV GL’s energy business in the Asia Pacific, said: “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.”