In order to expand offshore wind project deployment by 2025, Ocean Winds, a joint venture company between EDP and Engie, has made the decision to invest €3 billion. Engie and EDP have each agreed to invest €1.5 billion in the development of these projects. Additional funding for the projects will be obtained through debt and financing from external partners.
Ocean Winds intends to add 5 GW to 7 GW of operational or developing capacity over the next three years, with a project pipeline of 5 GW to 10 GW in advanced stages. The initiatives will assist EDP in its objective of eliminating coal production by 2025 and becoming completely green by 2030.
In February 2022, EDP Renewables invested S$1.1 billion for a 91 per cent stake in Singapore-based solar manufacturer Sunseap. The agreement was initially announced in November 2021, and it was finalised when all regulatory requirements were completed. EDPR also announced its plans to invest S$10 billion by 2030 in Singapore to build a clean energy hub that will serve the Asia-Pacific (APAC) region. This investment is part of the company’s APAC market strategy.
REGlobal’s Views: With Europe dealing with energy security concerns and rising gas prices, offshore wind investments are soaring. Thus, companies like Ocean Winds have immense opportunity to expand their portfolios.