ENGIE and EDP have recently signed a Memorandum of Understanding (MoU) to establish a co-controlled 50/50 joint venture in fixed and floating offshore wind.
In a press release published on the website of ENGIE, EDP CEO and EDPR Chairman Antonio Mexia and ENGIE CEO Isabelle Kocher, announced that 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.” The joint venture also aims to become one of the top 5 global players in the field by bringing in the industrial expertise and development capacity of the two companies.
Under the MoU, both companies will integrate their offshore wind assets and project pipelines, starting with a total of 1.5GW under construction and 4GW under development. The goal is to reach between 5GW to 7GW of projects in construction or operation and approximately 5GW to 10GW for advanced development by the year 2025.
The press release also mentioned, “For EDP and ENGIE, offshore wind energy is becoming an essential part of the global energy transition, leading to the market’s rapid growth and increased competitiveness. The companies believe that creating an entity with greater scale and a fully dedicated team, with global business development reach and strong power purchase agreement origination capabilities, will allow them to grow their asset base more rapidly and to operate more efficiently assuring a stable partnership.”
ENGIE CEO Isabelle Kocher stated, “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.”
Meanwhile, EDP CEO and EDPR Chairman Antonio Mexia expressed, “This agreement for wind offshore represents an important step in EDP’s renewables strategy. We are fully committed with the energy transition and a more sustainable future, as per the ambitious goals communicated in our strategic update. We are confident that this partnership will reinforce our distinctive position in renewables allowing us to accelerate our path in offshore wind, one of the key growth markets in the next decade.”
To read the complete press release, follow this link.
