The next phase will see it install and bring online three or four floating towers with a total capacity of 25MW by 2017. They will be located approximately 20 kilometres off the coast of Viana do Castelo at a depth of between 85 and 100 metres.
This stage of the develpment already has EUR 30 million in funding from the European Commission's NER300 programme along with EUR 19 million from the Portuguese environment agency.
An additional EUR 100 million of financing is required, according to Carlos Martin of EDP-Renovables.
Negotiations are under way with the European Investment Bank and private banks to cover 60% of this requirement while the remaining 40% will be raised from both existing and new investors.
EDP and Repsol have both converted their participation in Windfloat into a 33% stake in Principle Power and the Portuguese state is also in the process of investing €4 million in the company.