EDPR and Engie have named their offshore wind joint venture Ocean Winds and have made the Spanish capital of Madrid the global headquarters of the new developer.
Ocean Winds will act as the companies’ “exclusive” investment vehicle to “capture offshore wind energy opportunities worldwide”.
The joint venture, set up in 2019, has pooled each partners’ existing and pipeline offshore portfolio that includes a total of 1.5GW under construction and 4GW under development.
Ocean Winds has also set a target of reaching 5-7GW of projects in operation, or under construction, and 5-10GW under advanced development by 2025.
The company is targeting markets in Europe, the US and parts of Asia and will develop fixed bottom and floating offshore wind projects.
Ocean Winds chief executive Spyros Martinis said: “OW has been created with the intention of combining the experience and knowledge of two companies with a successful track record in the generation of renewable energy under one single firm, in order to take a leading position in the marine wind sector.
“We share a vision for the key role of renewables in general, and offshore in particular, in the new energy model. The creation of a company combining the experience and resources of both will give us the chance to lead a sector in this increasingly real and necessary transition.”
Ocean Winds will have over 200 employees at the time of its launch and expects to reach 300 towards the end of this year.