EDP Renewables (EDPR) has signed an agreement with ENGIE to create a joint venture focused on fixed and floating offshore wind.
Under the terms of the agreement, EDPR and ENGIE are combining their offshore wind assets and project pipeline in the new entity, starting with a total of 1.5 gigawatts (GW) under construction and 3.7 GW under development.
EDPR and ENGIE each have a 50 per cent stake in the joint venture, which is expected to be in operation in the first quarter of this year.
A Madrid-based King & Wood Mallesons (KWM) team advised EDPR on the joint venture. The KWM team was led by partner Roberto Pomares and included senior associate Teresa García.
Pomares said the joint venture was “of great strategic importance for both companies and marks a turning point in their commitment to the offshore wind energy sector".
ENGIE’s turnover stood at €60.6 billion in 2018.