This ambitious joint venture comes in the wake of EDPR’s and ENGIE’s successful five-year cooperation as consortium partners in the Dieppe Le Tréport and Yeu Noirmoutier fixed offshore wind projects in France, and in Moray East and Moray West in the United Kingdom.
History of Ocean Winds
Ocean Winds is the result of a 2019 joint venture by EDP Renewables (EDPR) and ENGIE. Both companies share the vision in which renewables, particularly offshore wind, play a key role in the global energy transition. That is why they created a 50-50 joint venture for offshore wind.
EDPR and ENGIE are combining their offshore wind assets and project pipeline under OW, beginning with 1.5 GW under construction and 4.0 GW under development, with the target of reaching 5-7 GW of projects in operation or construction and 5-10 GW under advanced development by 2025. OW’s primary target markets are in Europe, the United States and selected Asian countries, from where most of the growth is expected to come.
Offshore wind energy is becoming an essential part of the global energy transition to EDP Renewables (EDPR) and ENGIE, which is the reason behind the market’s rapid growth and increased competitiveness.
Offshore wind will be the fastest-growing renewable technology in the next decade, which is why both companies believe creating a larger company with a dedicated team that has the global business development reach and strong power purchasing agreement abilities, will allow them to grow their assets more rapidly and operate more efficiently. Ocean winds benefits because of its starting point and is well-placed to play a leading role in the offshore market.
Madrid-based EDPR is a global leader in the renewable energy sector and the world’s fourth-largest wind energy producer. EDPR was created in 2007 to operate the Energias de Portugal (EDP) group’s renewable power.
With a sound development pipeline, first class assets and a market-leading operating capacity, EDPR has experienced exceptional development in recent years and is currently present in 14 markets (Belgium, Brazil, Canada, France, Greece, Italy, Mexico, Poland, Portugal, Romania, Spain, the UK, the US and Colombia).
ENGIE is a French multinational energy and services company, with its headquarters in La Défense, Courbevoie. It focuses on the production and supply of energy, services and regeneration. It was established in 2008 by Gaz de France and Suez.
With 160,000 employees, ENGIE currently operates in almost 70 countries in five continents. While the group intends to retain its position as a key player in Europe and a leader on the energy transition, it is now a benchmark energy provider in the emerging world.