EDP Renewables and Engie ink joint-venture agreement


EDP Renewables (EDPR) and ENGIE have officially signed an agreement to create a co-controlled 50/50 joint-venture (JV) targeting fixed and floating offshore wind development. The agreement signed today follows an announcement in May 2019 that a strategic Memorandum of Understanding (MoU) to form a new entity as exclusive vehicle of investment and form a global top-5 player in the field.

As agreed, EDPR and ENGIE, are combining their offshore wind assets and project pipeline in this new entity, starting with a total of 1.5 GW under construction and 3.7 GW under development. The two companies aim to reach 5-7 GW of projects in operation or construction and 5-10 GW under advanced development by 2025. The JV will primarily target markets in Europe, the United States and selected geographies in Asia, where the two companies anticipate the most of the growth is expected to come from.

The alliance follows EDPR and ENGIE’s six-year cooperation as consortium partners in a number of offshore wind farms. This includes
Dieppe Le Tréport and Yeu Noirmoutier fixed offshore wind projects in France and Moray East and Moray West in the UK.

The agreement is subject to certain conditions precedent such as European Commission regulatory approval process with JV expected to be operational during the first quarter 2020.

For more information on offshore wind farms worldwide, click here.