Construction News

22/05/2019

EDP & Engie Form New Offshore Wind Joint Venture

Leading energy firms EDP and ENGIE have joined forces to form a new 50/50 joint-venture (JV) in fixed and floating offshore wind.

The new entity will be the exclusive vehicle of investment of EDP, through its subsidiary EDP Renewables (EDPR), and ENGIE for offshore wind opportunities worldwide .

EDP and ENGIE will combine their offshore wind assets and project pipeline in the newly-created JV, starting with a total of 1.5 GW under construction and 4.0 GW under development, with the target of reaching 5 to 7 GW of projects in operation or construction and 5 to 10 GW3 under advanced development by 2025.

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The JV will primarily target markets in Europe, the United States and selected geographies in Asia, where most of the growth is expected to come from. The JV's ambition is to be self-financed and the projects that will be developed will respect the investment criteria of both companies.

EDP's CEO Antonio Mexia and ENGIE CEO Isabelle Kocher officially signed a strategic Memorandum of Understanding (MoU) to confirm the collaboration.

The execution of the project is subject to the respective social, corporate, legal, regulatory and contractual approval processes.

The JV is to expected to be operational by the end of 2019, subject to approval.

(CM/MH)

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