by David McPhee
EDP Renewables and Engie are aiming to become one of the world’s biggest
offshore wind players with the creation of a new business.
Project owners of the giant Moray Easy and West offshore wind development,
both firms last night announced the signing of a Memorandum of
Understanding (MoU) to create a fixed and floating wind joint venture.
Portuguese firm EDP REnewables and French energy firm Engie revealed will
split a 50% stake in the new investment vehicle
The 950 megawatt Moray East Offshore Windfarm development is 33.3% owned by
EDP Renewables, Mistubishi subsidiary DGE holds 33.4%, Engie holds 23.3%
and the remaining 10% stake is owned by China Three Gorges.
The joint venture (JV) will see the firms pool resources through the
construction of the Moray East Offshore Wind Farm, due to begin
construction in 2021.
The alliance will carry through to the development of the Moray West
Offshore wind project, planned for 2024, and its other US and European
planned works.
EDP Renewables said the deal aims to make the new business “a top five
player in the field”.
Antonio Mexia, EDP chief executive said: “This agreement for wind offshore
represents an important step in EDP’s renewables strategy.
“We are fully committed with the energy transition and a more sustainable
future, as per the ambitious goals communicated in our strategic update.
“We are confident that this partnership will reinforce our distinctive
position in renewables allowing us to accelerate our path in offshore wind,
one of the key growth vectors in the next decade.”
EDP Renewables and Engie said they plan to have the joint venture
operational by the end of 2019, but it is still subject to legal and
regulatory approval.
Isabelle Kocher, Engie chief executive, 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.”
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