EDP, ENGIE Reach Offshore Agreement

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EDP Renewables (EDPR), a wind energy producer, has signed an agreement with ENGIE, a French multinational electric utility company, to create a co-controlled 50/50 joint-venture in fixed and floating offshore wind.

The agreement follows an announcement in May 2019 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.

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.

The agreement 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.

Photo: An EDPR-produced offshore turbine

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