French and Portuguese energy groups Engie and EDP have signed a Memorandum of Understanding (MoU) to create a 50-50 joint venture (JV) focused on fixed and floating offshore wind by the end of 2019.
Both companies will combine their offshore wind assets and project pipeline in the JV, corresponding to a total of 1.5 GW under construction and 4 GW under development. The JV will be the exclusive vehicle of investment for EDP and Engie, which target 5 to 7 GW of projects in operation or construction and 5 to 10 GW under advanced development by 2025. The JV will focus on Europe, the United States and selected high potential countries in Asia.
Engie and EDP have been cooperating for six years in the Dieppe Le Tréport and Yeu Noirmoutier offshore wind projects in France and in the Moray East and Moray West offshore wind projects in the United Kingdom. The groups expect their offshore wind joint venture to become a global top-5 player in the sector.
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