EDP Renewables (EDPR) has announced the signing of an agreement with Engie to create a co-controlled 50/50 joint-venture (JV) in fixed and floating offshore wind.
The agreement signed trails the announcement, on May 21, 2019, of a strategic Memorandum of Understanding (MoU) to form a new entity as an exclusive vehicle of investment of EDPR and Engie for offshore wind opportunities worldwide, bringing together the industrial expertise and development capacity of both companies.
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, and working together to become a global top leader in the sector.
The agreement announced is subject to certain conditions precedent such as the European Commission regulatory approval process. The JV is expected to be operational during the first quarter of 2020.
Under the terms of the MoU, the companies 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 GW under advanced development by 2025.
Isabelle Kocher, Engie CEO, had said at the time of signing of the MoU in May, “we are delighted to announce this strategic alliance in offshore wind with EDP that we have been partnering with since 2013. The offshore wind sector is set to grow very significantly by 2030. The creation of this JV will enable us to seize market opportunities while increasing our competitiveness on one of our key growth drivers, renewables. This agreement is also fully aligned with Engie’s zero-carbon transition strategy.”
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