EDP Renovaveis and Engie to Create Joint Venture

   By Anthony Shevlin

EDP Renovaveis SA (EDPR.LB) and Engie SA (ENGI.FR) on Tuesday signed a memorandum of understanding to create a co-controlled joint venture in fixed and floating offshore wind generation.

Under the memorandum, both companies will combine their offshore wind assets and project pipeline starting with a total of 1.5 gigawatts under construction and 4.0 gigawatts under development.

The joint venture between the Portuguese and French companies will create a leading global offshore wind player.

"The joint venture will primarily target markets in Europe, the United States and selected geographies in Asia, where most of the growth is expected to come from. [Its] ambition is to be self-financed and the projects that will be developed will respect the investment criteria of both companies," the companies said.

EDP Renovaveis and Engie aim for the joint venture to be operational by the end of 2019.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

(END) Dow Jones Newswires

May 21, 2019 09:35 ET (13:35 GMT)

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