EDP to develop offshore wind energy project

LISBON Feb 18 (Reuters) - Portuguese energy group EDP (EDP.LS) on Wednesday said it has signed an agreement with U.S. technology firm Principle Power to develop a deep-water offshore wind energy project off the coast of Portugal.

In a statement, EDP said the project will be developed in three phases, commencing with a stage to demonstrate the technology, followed by a pre-commercial installation and the commercial launch.

EDP did not provide a timetable for the project, but said that Principle Power's floating wind turbine technology will permit the installation of wind farms in waters deeper than 50 metres, without the need to resort to more costly fixed structures.

EDP controls EDP Renovaveis (EDPR.LS), the world's fourth largest wind energy company in terms of installed capacity.

(Reporting by Ruben Bicho; Writing by Shrikesh Laxmidas; Editing by Axel Bugge)