CORK, Ireland — Exceedence, Simply Blue Group and NORCE Norwegian Research Centre are cooperating to support the FASTWIND (Financial Analysis using Satellite Technology for Offshore Wind Energy) project.
The goal is to use satellite data from the European Space Agency’s satellite network for wind resource measurement and energy yield analysis. The agency is providing some of the funding for the work.
FASTWIND is a cloud-based technology and financial software tool for the offshore wind sector that employs wind resource information from synthetic aperture radar data provided by the Sentinel-1 satellites.
The partnership will develop a cloud-based system that integrates Exceedence’s techno-economics analysis software, Exfin, and NORCE’s processing chain for synthetic aperture radar data use for satellite wind products for resource mapping.
Targets include formulating new data management services, an improved analysis and optimization engine, and a new user interface within the existing Exfin architecture.
Ray Alcorn, founder and CEO of Exceedence, said, “FASTWIND will allow offshore wind developers to make data-driven decisions using a financial digital twin of their projects drawing from satellite-based earth data.
“Potential applications range from optimizing site selection to improving bankability and maximizing the financial performance of operational projects based on forecasting. There is a strong commercial opportunity for this solution currently in the fixed-bottom offshore wind sector, which will translate seamlessly to the floating offshore wind sector.
“We have a unique proposition, which will directly connect satellite wind data through a techno-financial package ultimately yielding better placed, optimized and lower cost wind projects.”