Wind energy companies EDP Renewables and Engie have signed a deal to form 50/50 joint-venture (JV) in fixed and floating offshore wind.
EDPR and ENGIE will combine 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, and working together to become a global top leader in the sector.
The formation of the new entity 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.
The deal follows a May 2019 memorandum of understanding between the two companies which called for the formation of 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 (Moray East (950 MW), Wind Float Atlantic (25 MW), SeaMade (487 MW);) and 3.7 GW under development (Moray West (800-950 MW), Tréport & Noirmoutier (992 MW), Leucate (30 MW), Mayflower (1,336 MW of each 804 MW with tariff awarded), 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.
