EDP and Engie form new global offshore wind business with JV

EDP Renewables and Engie have signed a Memorandum of Understanding (MoU) to create a global offshore wind joint venture (JV) that will become ‘a top five player in the field’, according to EDP.

Portuguese renewables company EDP and France’s Engie will combine their offshore wind assets and project pipeline, taking a 50% stake each in the newly created venture.

The JV will see the companies pool their resources together to develop the 950MW Moray East Offshore Windfarm off the coast of Scotland, where construction is due to begin in 2021.

This agreement for wind offshore represents an important step in EDP’s renewables strategy,” said EDP’s CEO António Mexia. “We are fully committed with the energy transition and a more sustainable future, as per the ambitious goals communicated in our strategic update.

“We are confident that this partnership will reinforce our distinctive position in renewables allowing us to accelerate our path in offshore wind, one of the key growth vectors in the next decade,” he added.

The JV will primarily target predicted high growth markets for the offshore sector such as Europe, the US and selected geographies in Asia.