European utility giants ENGIE and EDP Renewables (EDPR) have finalised the creation of a 50:50 joint venture in fixed and floating offshore wind.
It follows the agreement signed in May last year to collaborate on offshore wind projects, bringing together the industrial expertise and development capacity of both companies.
ENGIE and EDPR have agreed to combine their offshore wind assets and project pipeline, starting with a total of 1.5GW under construction and 3.7GW 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 joint venture intends to primarily target markets in Europe, the US and selected geographies in Asia, where most of the growth is expected to come from.
The agreement is subject to approval by regulatory authorities but is expected to close in the first quarter of 2020.