They have signed a memorandum of understanding (MoU) for the new JV to become a global top five player in the field, bringing together the industrial expertise and development capacity of both companies.
Under the MoU, EDP and ENGIE will combine their offshore wind assets and project pipeline, starting with a total capacity of 1.5GW under construction and 4GW under development.
They have set a target of reaching between 5GW to 7GW of projects in operation or construction and between 5GW to 10GW under advanced development by 2025.
The JV will primarily target markets in Europe, the US and selected geographies in Asia, where most of the growth is expected to come from.
Isabelle Kocher, ENGIE CEO, said: “We are delighted to announce this strategic alliance in offshore wind with EDP that we have been partnering with since 2013. The offshore wind sector is set to grow very significantly by 2030.
“The creation of this JV will enable us to seize market opportunities while increasing our competitiveness on one of our key growth drivers, renewables. This agreement is also fully aligned with ENGIE’s zero-carbon transition strategy.”