The success of the North American offshore renewable energy industry will depend as much on future, sustained investment in technological innovation, as it will on backing offshore power projects.
A provider of underwriting services for renewable energy projects, GCube, has collaborated with Seattle-based renewable energy technology developer, Principle Power, to underwrite the firm’s pioneering floating offshore system, the WindFloat.
As offshore ambitions escalate, and developers head for deeper water to guarantee greater wind speed and reduce intermittency issues, new technology is being introduced to help tackle what has become an increasingly complex offshore installation challenge.
“The ‘WindFloat’ solution enables the offshore wind industry to overcome a number of technological risk and cost barriers that have so far constrained its ability to reach the best wind resources and to lower energy costs,” says Alla Weinstein, CEO of Principle Power.
GCube will be present at the AWEA conference currently taking place in Virginia Beach, VA through October 11, 2012.
Filed Under: Insurance, News, Offshore wind