EDP Renováveis creates a joint venture of offshore wind energy with Engie

EDP Renováveis, S.A. (Euronext: EDPR), the world leader in the renewable energy sector and one of the world’s largest wind energy producers, today announces the signing of an agreement with ENGIE to create a 50% investee joint venture specializing in wind power both fixed and floating.

The agreement signed today comes after announcing, on May 21, 2019, a Strategic Memorandum of Understanding to constitute a new entity that acts as an exclusive investment vehicle for EDPR and ENGIE to capture opportunities in the field of offshore wind energy worldwide and that combines knowledge about the sector and the development capacity of both companies.

Under the agreement, EDPR and ENGIE will combine their offshore wind farm assets and their portfolio of wind turbines projects under development in this new entity, which will initially have a total of 1.5 GW under construction and 3.7 GW under development. Both companies will collaborate to become the world leader in the sector.

The agreement announced today is subject to the fulfillment of certain prerequisites, such as obtaining regulatory approval from the European Commission. The joint venture is expected to start operations during the first quarter of 2020.