January 24 (Renewables Now) - EDP Renovaveis SA (ELI:EDPR) has signed on Thursday an agreement with France's Engie SA (EPA:ENGI) to form a 50/50 joint venture (JV) to develop both fixed and floating offshore wind projects worldwide.
Subject to clearance by the European Commission, the new entity will house the two companies' offshore wind assets, including about 1.5 GW under construction -- Moray East (950 MW), Windfloat Atlantic (25 MW) and SeaMade (487 MW) -- as well as 3.7 GW in the development stage -- Moray West (800-950 MW), Treport & Noirmoutier (992 MW), Leucate (30 MW), Mayflower (1,336 MW of which 804 MW with tariff awarded) and B&C Wind (400 MW).
When signing a memorandum of understanding (MoU) in May 2019 to outline their plans, Engie and the renewables arm of Portuguese utility Energias de Portugal SA (ELI:EDP) said they were looking to reach a capacity of between 5 GW and 7 GW in operation or construction and 5 GW to 10 GW under advanced development by 2025. At the time, they also mentioned that the JV will focus on projects in Europe, the US and selected countries in Asia.
The new company is expected to become operational in the first quarter of the year.