Global energy companies ENGIE and EDP Renovaveis have announced the launch of a new offshore wind energy company, Ocean Winds (OW).
The joint venture to establish the company was announced in 2019. OW will act as the exclusive investment vehicle of ENGIE and EDPR within the global offshore wind market.
Both companies believe offshore wind energy is becoming an essential part of the global energy transition, leading to the sector’s rapid growth and increased competitiveness. They have included all their existing and pipeline offshore portfolio in the new company, starting with a total of 1.5 GW under construction and 4 GW under development, with the target of reaching 5 GW to 7 GW of projects in operation or under construction and 5 GW to 10 GW under advanced development by 2025. OW primarily targets markets in Europe, the U.S. and selected geographies in Asia, from where most of the growth is expected to come.
OW is equally controlled by both companies and will become one of the top five offshore global operators by combining the industrial and development capacity of both parent companies, according to a press release. It will be headquartered in Madrid. The new company has over 200 employees and expects to reach 300 towards the end of the year.
“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,” said Spyros Martinis, CEO of OW. “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.”
EDPR is the world’s fourth-largest wind energy producer and is present in 14 international markets (Belgium, Brazil, Canada, Colombia, France, Greece, Italy, Mexico, Poland, Portugal, Romania, Spain, the UK and the U.S.).
ENGIE’s purpose is to accelerate the transition toward a carbon-neutral world, through reduced energy consumption and more environmentally-friendly solutions, reconciling economic performance with a positive impact on people and the planet. The company’s key businesses are gas, renewable energy and services.