French utility Engie and Portuguese ditto EDP Renováveis have ambitions to grow massively within the market for offshore wind in the coming years.

The two groups have now officially joined forces in the offshore wind segment and have set up a joint venture dubbed Ocean Winds.

EDPR and Engies' move is far from surprising, as the two power companies already revealed their plan to combine offshore wind activities in May last year.

Ocean Winds aims to become one of the leading players in the industry, of which Ørsted is market leader.

"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," writes Ocean Winds Chief Executive Spyros Martinis in a media release.

The new joint venture will try to get a cut of global growth opportunities for offshore wind, both regarding fixed-bottom and floating foundations.

According to Ocean Winds, the new company will become one of the five largest sector operators.

Right now the joint venture employs 200 personnel, and the staff count is expected to increase to 300 by the end of the year.

Ocean Wind will mainly turn its attention toward coming growth opportunities in Europe, the US and select countries in Asia.

"We are 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 add value in new countries," writes Chief Operating Officer Grzegorz Gorski in the statement.

EDPR and Engies' joint venture will begin by having 1.5 GW in installation and 4 GW under development.

Ocean Winds aims to have projects with a combined capacity of 5-7 GW either in operation or under development in 2025.

The Madrid-headquartered company also seeks to have 5-10 GW of offshore wind in advanced development stages in five years from now.

There's still some way to go before the new group can overtake Ørsted, which has already installed 6.8 GW of offshore wind.

Moreover, the Danish utility has around 3 GW in development and has secured rights to build new projects in Europe, the US and Taiwan with a combined effect of almost 5 GW, all with commissioning dates planned before late 2025.

Ørsted is thereby close to achieving its own goal to have installed a total of 15 GW in offshore wind before the end of the same year.

English Edit: Daniel Frank Christensen

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