The as-yet-unnamed offshore wind joint venture (JV) between Engie and EDPR will be "fully operational with employees, offices and systems in place" within weeks after the go-ahead from the EU competition commission, it was announced on Thursday morning.
During an earnings call, Engie chief operating officer Paulo Almirante revealed that the 50-50 JV transaction between the French and Portuguese energy companies — which will start with a portfolio of more than 5GW — "is expected to close by mid-March as we just received approval from the European competition authorities".
"By that time, the JV will be fully operational, with employees, offices and systems in place," he added.
The JV's initial portfolio will include the completed 950MW Moray East wind farm in UK waters; Belgium's 487MW SeaMade project and the 25MW WindFloat Atlantic floating array off Portugal, as well as the under-development 950MW Moray West (UK), 992MW Tréport & Noirmoutier and 30MW floating Leucate (both France), and the 2.1GW Mayflower and 400MW B&C Wind in the US Atlantic and the 100-150MW Redwood Coast Project off California.
By 2025, their target is to reach 5-7GW in operation or under construction, and five to 10GW under advanced development.
Grzegorz Gorski, the JV's chief operating officer, said last year that it wants to do for the floating wind sector what global offshore leader Orsted has done with fixed foundations.
Chief executive of EDP, António Mexia, echoed that statement by saying that Japan and South Korea, which both have relatively deep waters, were "hugely important new markets to tackle".