EDP Renewables and Engie have signed an agreement to create a co-controlled 50/50 joint-venture in fixed and floating offshore wind.
The agreement follows the last year’s signing of a strategic Memorandum of Understanding to form a new entity as an exclusive vehicle of investment of EDPR and Engie for offshore wind opportunities worldwide.
This alliance follows EDPR and Engie’s cooperation as consortium partners in the Dieppe Le Tréport and Yeu Noirmoutier fixed offshore wind projects in France and Moray East and Moray West in the UK. EDPR and Engie are also partners in two floating offshore wind projects in France and Portugal.
As agreed, EDPR and Engie, are combining their offshore wind assets and project pipeline in this new entity, starting with a total of 1.5GW of projects under construction, including the 950MW Moray East in the UK, the 25MW Wind Float Atlantic in Portugal, and the 487MW SeaMade in Belgium.
The agreement also includes 3.7GW of projects under development, including the 800MW-950MW Moray West in the UK, the Tréport and Noirmoutier projects with a combined capacity of 992MW in France, the 30MW Leucate also in France, the 1,336MW Mayflower in the USA, and the 400MW B&C Wind.
The agreement is subject to certain conditions precedent such as European Commission regulatory approval process. The joint venture is expected to be operational during the first quarter of 2020.