Ocean Winds, the 50-50 joint venture between Portugal’s EDP Renováveis and France’s Engie, has agreed to sell a 20.25% stake in its 500 MW Îles d’Yeu et Noirmoutier offshore wind project in France to Allianz Global Investors for $232 million.
Located in Vendée on France’s Atlantic coast, the Îles d’Yeu et Noirmoutier offshore wind farm consists of 61 Siemens Gamesa turbines of 8.2 MW each and is backed by a 20-year inflation-linked feed-in tariff ensuring long-term revenue stability.
The transaction implies an enterprise value-to-megawatt ratio of $6.5 million, according to EDP, which holds a 71.3% stake in EDP Renováveis.
Following a final investment decision in April 2023, construction has reached its final phase.
Power generation began in June 2025, with more than half of the turbines already installed and supplying electricity to French households.
The wind farm is expected to be fully commissioned by the end of 2025.
After the sale, the project’s ownership will comprise Ocean Winds with 40%, Allianz Global Investors with 20.25%, Sumitomo Corp with 29.5%, Banque des Territoires with 9.75%, and Vendée Energie with 0.5%.