Engie and EDP have signed a memorandum of understanding to create a co-controlled 50:50 offshore wind joint venture.

The new entity will be the exclusive vehicle of investment in offshore wind worldwide for both EDP, through its subsidiary EDP Renewables, and Engie.

Under the terms of the M.o.U., EDP and Engie will combine their offshore wind assets and project pipeline, starting with a total of 1.5 GW under construction and 4 GW under development.

The J.V. will primarily target European markets, the U.S. and selected countries in Asia. Projects will be self-financed.

The pair have already jointly worked on offshore wind projects in Scotland and France and are bidding jointly in France and Portugal.

(A version of this article first appeared in IJGlobal).

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