EDPR And ENGIE Create a 50:50 Joint-Venture for Offshore Wind

Madrid, Spain - The renewable energy producer EDP Renewables yesterday (23. January 2020) signed an agreement with ENGIE to create a co-controlled 50/50 joint-venture (JV) in fixed and floating offshore wind.

The agreement follows the announcement, on May 21st 2019, of a strategic Memorandum of Understanding (MoU) to form a new entity as 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 1,500 Megawatts (MW) under construction and 3,700 MW under development, and working together to become a global top leader in the sector. The agreement is subject to certain conditions precedent such as European Commission regulatory approval process. According to EDPR, the JV is expected to be operational during the first quarter 2020.

Source: IWR Online, 24 Jan 2020