Engie and EDPR joint venture evolves into new company, Ocean Winds

Both companies believe that offshore wind energy is an essential part of the global energy transition, and that this will lead to the sector’s rapid growth and increased competitiveness.

The new company will act as the exclusive investment vehicle they use to capture offshore wind opportunities around the world. OW will, they say, become one of the top five global offshore wind operators by combining the industrial and development capacity of both parent companies.

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 4.0 GW under development, with a target of reaching 5-7 GW of projects in operation or under construction and 5-10 GW under advanced development by 2025. OW is primarily targeting markets in Europe, the US and selected geographies in Asia.

OW chief executive Spyros Martinis said, “OW has been created with the intention of combining the experience and knowledge of two companies with a successful track record in the generation of renewable energy in a single firm, in order to take a leading position in the offshore wind sector.

“We share a vision for the key role of renewables in general, and offshore in particular, in the new energy model. The creation of a company combining the experience and resources of both will give us the chance to lead a sector in this increasingly real and necessary transition.”

Despite the initial focus on Europe, the US and Asia, OW chief operating officer Grzegorz Gorski said, “We are continuously monitoring opportunities in multiple countries. We are seeking not just to grow in the markets where we are already present, but also to explore opportunities to add value in new countries.”

OW has over 200 employees and expects to have 300 by the end of the year. The company already employs people from 15 different countries, almost a third of them women.