ENGIE and EDP Renováveis have announced the creation of Ocean Winds (OW), a joint venture formed and equally controlled by both companies in the floating and fixed offshore wind energy sector. The new business will act as the exclusive investment vehicle for EDP, through its subsidiary EDP Renováveis (EDPR), and ENGIE to capture marine wind energy opportunities around the world and will become one of the top five offshore global operators by combining the industrial and development capacity of both parent companies.

OW incorporates the consolidated assets and marine wind pipelines of both companies, with a total of 1.5 GW under construction and 4 GW in development. The new business, with a clear objective of becoming the global leader in its segment, has also set a goal of 5 to 7 GW in operation or under construction, plus 5 to 10 GW in the advanced stages of development by 2025.

Spyros Martinis, CEO of OW, explained: “OW has been created with the intention of combining the experience and knowledge of two companies with a successful track record in the generation of renewable energy under one single firm, in order to take a leading position in the marine wind sector. ENGIE and EDPR share a vision for the key role of renewables in general, and offshore in particular, in the new energy model. The creation of a company combining the experience and resources of both parent companies will enable us to lead to the sector in this increasingly real and necessary transition.”

Grzegorz Gorski, COO of OW, added: “Weare continuously monitoring the evolution and regulation of multiple countries. We are seeking not just to grow in the markets where we are already present, but also to explore opportunities to access value in new countries.”

The company’s human resource management seeks to build a mixed team, and in order to ensure a balanced leadership, the roles of CEO and COO for the first three-year period were designated by EDPR and ENGIE, respectively. The company will be have its headquarters in Madrid.

OW will have over 200 employees at the time of its launch and expects to reach 300 towards the end of the year. This remarkable human team will represent over fifteen different nationalities, including highly qualified staff, almost one third women and 99% with fixed employment contracts.

The first brand created using the sound of the wind on the high seas

The origin of the OW brand is no coincidence. When ENGIE and EDPR were looking for a name for the new business they brought in a team of scientists who could help to identify the sound of the wind in the Roman alphabet. They developed a specific algorithm and equipment to transcribe into letters the sound of the wind recorded offshore over a 24-hour period. The two most commonly occurring letters were “O” and “W”, thus giving rise to the name Ocean Winds. You can find out more about OW’s brand creation process in this vídeo.

About OW

OW is a 50:50 offshore wind joint venture, owned and created by EDPR and ENGIE in 2019. Both companies believe that offshore wind energy is becoming an essential part of the global energy transition, leading to the sector’s rapid growth and increased competitiveness. That is why they have included all their existing and pipeline offshore portfolio in the new company.

OW has a strategic advantage and is well-positioned to play a leading role in the offshore market. EDPR and ENGIE are combining their offshore wind assets and project pipeline in OW, starting with a total of 1.5 GW under construction and 4 GW under development, with the target of reaching 5 to 7 GW of projects in operation or under construction and 5 to 10 GW in the advanced development stages by 2025. OW primarily targets markets in Europe, the United States and selected geographies in Asia, from where most of the growth is expected to come.