Ocean Winds reaches Final Investment Decision on French EFGL project

Ocean Winds, an international offshore wind energy company created by EDP Renewables (EDPR) and ENGIE (50:50), and the “Banque des territoires”, as shareholders of the Eoliennes flottantes du golfe du Lion (EFGL) project, have just reached the Final Investment Decision, committing to the construction. This major step will allow the signing of contracts with the main industrial and financial partners and the launch of the project’s actual implementation phase.

Built in consultation with local stakeholders and respectful of the environment, the EFGL project is already a reference in terms of environmental studies and biodiversity watch and protection. It is characterized by innovative technological choices and inhibits Ocean Winds´ ambition to quickly position floating wind energy as a competitive source integrated into the French energy mix.

“Thanks to the high-level teams working on the project, this FID marks a step closer in the construction of a pilot that will serve as a technological reference for the entire floating wind energy sector”, said Grzegorz Gorski, COO Ocean Winds. “As the third generation of the Principle Power Inc. floater technology – after WindFloat Atlantic (2MW) starting operation ten years ago and WindFloat Atlantic (25MW) from two years ago – the design of the EFGL floater holds significant improvements and new solutions. With such a long operational experience, it is now the most advanced floater technology and is ready for a full-scale commercial deployment.” In addition, he commented: “Ocean Winds with PPI technology is now the only continuation of the French pilot programme projects bidding in Bretagne Sud tender. The other technologies awarded are either discontinued or the awarded developers changed their bets.”

The EFGL pilot project involves the construction and operation of three 10 MW floating wind turbines, more than 16 km offshore from Leucate (Aude) and Le Barcarès (Pyrénées-Orientales). By capturing the regular and sustained offshore winds, the turbines, the most powerful ever installed on a float, will cover the annual electricity needs of more than 50,000 coastal residents. The farm is scheduled to be commissioned at the end of 2023 and will operate for 20 years.

Oceans Wind (OW) is a 50-50 offshore wind joint venture, owned and created by EDP Renewables and ENGIE. Both companies believe that offshore wind energy has become an essential part of the global energy transition, leading to rapid growth in the sector and increased competitiveness. That is why they have grouped all their existing and pipeline offshore portfolio into the new company.

OW has a strategic advantage and is well-positioned to play a leading role in the offshore market. EDPR and ENGIE are combining their offshore wind assets and project pipeline in OW, starting with a total of 1.5 GW under construction and 4 GW under development, with the target of reaching 5 to 7 GW of projects in operation or under construction and 5 to 10 GW in the advanced development stages by 2025.

OW, headquartered in Madrid, is currently present in 8 countries, primarily targets markets in Europe, the United States and selected parts of Asia, from where most of the growth is expected to come.