The European Commission has given its approval for the proposed offshore wind joint venture between France's Engie and Portugal's EDP Renewables.
The two companies back in January signed a deal to form 50/50 joint-venture (JV) in fixed and floating offshore wind, under which it was agreed the firms would combine their offshore wind assets and project pipeline in this new entity, starting with a total of 1.5 GW under construction and 3.7 GW under development, and working together to become a global top leader in the sector.
The formation of the new entity was subject to certain conditions precedent such as the European Commission regulatory approval process. The approval came Wednesday.
"The European Commission has approved, under the European Merger Regulation, the acquisition of EDPR Offshore España, based in Spain, by ENGIE, based in France, and EDP Renovaveis, based in Portugal. EDPR Offshore España is a subsidiary of the EDP group, active in the activities of offshore wind farms worldwide," the European Commission said.
The jointly controlled entity is expected to be operational during the first quarter of 2020.
As agreed, EDPR and ENGIE, are combining their offshore wind assets and project pipeline in this new entity, starting with a total of 1.5 GW under construction (Moray East (950 MW), Wind Float Atlantic (25 MW), SeaMade (487 MW);) and 3.7 GW under development (Moray West (800-950 MW), Tréport & Noirmoutier (992 MW), Leucate (30 MW), Mayflower (1,336 MW of each 804 MW with tariff awarded), B&C Wind (400 MW).
#EUMergerControl La Commission européenne 🇪🇺 a approuv l'acquisition d'EDPR Offshore España, basée en Espagne 🇪🇸, par ENGIE, basée en France 🇫🇷, et EDP Renovaveis, basée au Portugal 🇵🇹. https://t.co/UJEMVwrCxG pic.twitter.com/cOgP2gEs61
— EU Competition (@EU_Competition) February 26, 2020