EDPR Reached an Agreement with ENGIE to Create a 50:50 Joint-venture for Offshore Wind

Source Press Release
Company Energias de PortugalENGIE 
Tags Asset Deals, Deals, Renewable Energy, Power
Date January 23, 2020

EDP Renewables (Euronext: EDPR), a global leader in the renewable energy sector and one of the world’s largest wind energy producers, announces 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 signed today follows the announcement, on May 21st 2019,  of a strategic Memorandum of Understanding (MoU) to form a new entity as 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 and 3.7 GW** under development,  and  working together to become a global top leader in the sector. 

The agreement announced today is subject to certain conditions precedent such as European Commission regulatory approval process. The JV is expected to be operational during the first quarter 2020.

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