EDP Renewables, a global producer of wind energy, has announced the signing of 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 21 May 2019, of a strategic Memorandum of Understanding (MoU) to form a new entity as the 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 1.5 GW under construction, including Moray East (950 MW), Wind Float Atlantic (25 MW), SeaMade (487 MW); and 3.7 GW under development, including; Moray West (800-950 MW), Tréport & Noirmoutier (992 MW), Leucate (30 MW), Mayflower (1,336 MW of each 804 MW with tariff awarded), and B&C Wind (400 MW).
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.