The Ontario Teachers’ Pension Plan Board pledged US$1-billion to develop 14 offshore wind projects stretching from South Korea to Ireland
CPPIB’s 50-50 joint venture with Ocean Winds – which is itself jointly owned by Spanish-based EDP Renewables and France’s Engie SA – is years away from completion, but could eventually generate up to two gigawatts of energy. That would power the equivalent of 900,000 homes, adding to CPPIB’s offshore wind portfolio of about 16.9 gigawatts. The pension investor’s pipeline of further projects to be developed would total 35 gigawatts.
Offshore wind is most advanced in Europe, but “you’ve seen a rapid catch-up in the U.S.,” Mr. Hogg said. “You kind of need the whole package of [clean energy sources] to achieve those targets.” CPPIB also has significant investments in Calpine Energy Solutions, a producer of gas and geothermal energy, andInterest in floating wind farms has been growing in countries such as Britain, France and Japan. While conventional offshore wind is limited to shallow waters with sea beds suitable to installing turbines, floating platforms open the door to moving the turbines much farther offshore, where winds are higher and more consistent, and the environmental effect could be lower.
There are still significant technical challenges to floating offshore wind, “but they’re getting tackled systematically,” Mr. Hogg said. The different floating platforms to support turbines, distributing their weight in the water, are typically based on existing technologies that are often drawn from the offshore oil and gas industry.
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