May 21 (Renewables Now) - Portuguese utility Energias de Portugal SA (ELI:EDP) and its French peer Engie SA (EPA:ENGI) have signed a memorandum of understanding (MoU) by which they have agreed to form a 50/50 joint venture to explore opportunities in the offshore wind market.
EDP will participate in the new investment vehicle through its renewables arm EDP Renovaveis SA (ELI:EDPR), the company said Tuesday.
EDP and Engie laid out a plan to pool their offshore wind assets and project pipeline under the JV umbrella starting with a 1.5-GW portfolio under construction and 4 GW in the development stage. The duo aims 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.
The JV will focus on both fixed and floating wind assets in Europe, the US and selected countries in Asia. EDP hopes to get the JV running by the end of 2019 once it finalises legal and regulatory approval process.
EDPR and Engie have been consortium partners in several fixed and floating offshore wind projects across Europe. They are currently participating in the Dunkerque offshore wind tender in France.