Engie and EDP join forces to build a global offshore wind energy firm
By Nikita Chaurasia  Date: 2019-05-23

Engie and EDP join forces to build a global offshore wind energy firm

The new JV would aim to have between 5 GW and 7 GW capacity of projects under operation or being built by 2025

French utility Engie and Portuguese power firm EDP have reportedly announced a joint venture focused on becoming one of the top-five largest offshore wind developers globally.

Supposedly, the 50-50 joint venture is to be formed following a memorandum of understanding (MoU) signed by Engie’s CEO Isabelle Kocher and EDP’s CEO and Chairman António Mexia. It will channel all upcoming offshore wind investments from EDP Renewables and Engie.

Sources familiar with the matter mentioned that it will also become the future home of Engie and EDP’s current offshore wind project pipelines, comprising 4 gigawatts of capacity under development and 1.5 gigawatts under construction.

According to Engie, this unnamed JV, which would be subject to regulatory approval and should be functional by the end of 2019, is aiming to have between 5 GW and 7 GW capacity of projects under operation or being built by 2025. By then, projects of further 5 gigawatts to 10 gigawatts capacity should be under advanced development.

The joint venture will place the companies into closer competition with Ørsted, Denmark’s leading worldwide offshore wind developer, sources commented.

Apparently, in March Engie had sold Glow Energy, a Thai coal generation firm, to Global Power Synergy Company of Thailand while bidding for subsidy-free offshore wind of 750 megawatts capacity being offered by the Dutch government in the Hollandse Kust Zuid 3 & 4 wind farm development zones.

Isabelle Kocher said in a statement that by 2030, the offshore wind sector is set to grow very significantly, and the creation of this JV will allow the companies to seize market opportunities while raising the competitiveness on of Engie’s key growth drivers, renewables.

Seemingly, Engie and EDP are already consortium partners in two floating and four fixed foundation projects in Europe. The companies partnered six years ago to bid for two fixed-foundation projects in France that have yet to be constructed.

Source Credit: https://www.greentechmedia.com/articles/read/edp-and-engie-team-up-to-conquer-offshore-wind#gs.dqr68o

About Author

Nikita Chaurasia    

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More

More News By Nikita Chaurasia

Microsoft makes ‘carbon negative’ pledge to reach near zero emissions
Microsoft makes ‘carbon negative’ pledge to reach near zero emissions
By Nikita Chaurasia

Microsoft, a tech giant based in Redmond, Washington, has reportedly announced plans to go “carbon negative” by reducing carbon footprint from the atmosphere, by 2030. The technological company is placing strong emphasis on removing more...

Nissan, Renault denounce split rumors following Chairman Ghosn’s exit
Nissan, Renault denounce split rumors following Chairman Ghosn’s exit
By Nikita Chaurasia

The automakers ensure that the alliance was not under the danger of being dissolved. Renault shares have hit six years low after the split report. Automotive giants Nissan and Renault have recently denied reports of a possible split that resulte...

Visa to take over fintech firm ‘Plaid’ in $5.3 Bn acquisition deal
Visa to take over fintech firm ‘Plaid’ in $5.3 Bn acquisition deal
By Nikita Chaurasia

Visa, a financial services corporation, is reportedly acquiring Plaid, a start-up company based in San Francisco, in a deal worth $5.3 Bn. It is a long-term play that would position Visa as a leading company in the next decade and help Plaid scale it...

Dupont to invest $28Mn to produce advanced chip materials in S.Korea
Dupont to invest $28Mn to produce advanced chip materials in S.Korea
By Nikita Chaurasia

The company plans to develop a new facility in South Korea that would help reduce its dependency on Japan for semiconductor products. As Japan’s diplomatic relations with South Korea sour up, U.S. chemical company DuPont has revealed plans to...

Spotify unveils new streaming ad insertion tech to monetize podcasts
Spotify unveils new streaming ad insertion tech to monetize podcasts
By Nikita Chaurasia

Spotify Technology S.A., a Sweden based international media services provider, has reportedly announced a new podcast advertising technology called SAI (Streaming Ad Insertion) at the Consumer Electronics Show in Las Vegas. This new technology, for ...