This story was first published on 24 Janaury 2020, when EDPR and Engie announced the joint venture. It was updated on 21 July 2020 when the deal was finalised and the new company, Ocean Winds, launched.
The two companies had signed a strategic memorandum of understanding to form a new entity developing both fixed-bottom and floating offshore wind projects in May 2019.
They then announced formation of the new JV in January 2020, before launching the new company —Ocean Winds — in July 2020.
The new company will be headquarterd in Madrid, Spain, and will serve as the exclusive investment vehicle for offshore wind for both parent companies.
Together, EDPR and Engie have 1.5GW of offshore wind projects under construction in the UK, Portugal and Belgium, and are developing an additional 3.7GW in the UK, France and the US.
The partners had previously announced a target of having between 5GW and 7GW of projects in operation or under construction and 5-10GW at an advanced stage of development by 2025. They have since announced their ambition to be one of the top five global offshore wind operators.
Europe, the US, Japan, South Korea and India are target markets for the joint venture.
Spiros Martinis, chief operating officer of EDPR will serve as Ocean Winds’ CEO. Meanwhile, Grzegorz Gorski, managing director of Engie’s corporate venture arm Engie New Ventures will be the new company's COO.
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