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Ocean Winds: EDPR and Engie Launch Major US Player for Offshore Wind Energy

Boston, USA - Portuguese EDP Renováveis and French energy group Engie have combined their offshore wind energy activities in Ocean Winds (OW). The 50:50 offshore wind joint venture was founded in 2019. Now the two companies have announced the establishment of the US offshoot OW North America in early November.

“OW will be a major element in creating the new clean, sustainable, and prosperous economy that Americans are demanding and OW North America can help to build that future”, said OW CEO Spyros Martinis, adding, "OW North America from Day One is in the business of developing and delivering real offshore wind projects.”

Ocean Winds (OW) can start with 5.5 GW of offshore wind power capacity, of which 1.5 GW is under construction and 4.0 GW is under development, Ocean Wind announced. It is avowed goal that until by the middle of this decade 5 to 7 GW projects are in operation or under construction and 5 to 10 GW in advanced development. OW is mainly targeting markets in Europe, the USA and selected regions in Asia, from which the majority of growth is expected.

OW North America, a U.S. spin-off, is a 50 percent owner of Mayflower Wind, a company that successfully participated in a government-sponsored competitive auction that resulted in contracts to supply 804 megawatts (MW) of offshore wind power to Massachusetts utilities and their customers by the middle of this decade.

Mayflower Wind's federal lease awarded in December 2018 has a potential of up to 1600 MW of offshore wind power capacity. OW North America is also a partner in the Redwood Coast floating offshore wind project. OW will fill EDPR’s role in the Redwood Coast public-private consortium committed to developing an offshore wind project utilizing floating platform technology off the coast of Humboldt County in Northern California.

EDP Renováveis (EDPR), which is listed on the global renewable energy stock index RENIXX, is trading today (23.11.2020) at 17.32 euros in early trading.

Source: IWR Online, 23 Nov 2020