In July, we announced the creation of Ocean Winds, an offshore wind energy giant formed by an alliance between EDPR and our Group. Already one of the world’s top 5 leaders in its sector, Ocean Winds is continuing its journey as it sets sail to conquer the USA.
Ocean Winds is a joint venture, owned equally by ENGIE and Energias de Portugal Renovais (EDPR), our leading Portuguese renewable energy partner and the world's fourth biggest wind power producer. This new company created in January 2020, has several goals: to achieve rapid growth, to launch large-scale projects and to optimise its operational efficiency in order to become one of the world leaders in fixed-foundation and floating offshore wind turbines. Ocean Winds is starting up with 5.5 GW of offshore assets, including 1.5 GW under construction and 4 GW under development. It aims to have 5 to 7 GW of operating projects in place within the next few years and up to 10 GW in the advanced development stage by 2025.
After a successful launch in Europe, the joint venture is now beginning its American adventure. Ocean Winds North America will operate on the USA's two main coasts: in Massachusetts on the eastern seaboard, through the 50%-owned company Mayflower Wind, which has a long-term potential of more than 1,600 MW; and in Northern California on the western seaboard, in the context of its partnership in the Redwood Coast floating wind farm project. The projects together will provide electricity for over a million houses. For its CEO Spyros Martinis, “Ocean Winds North America will be a major element in creating the new clean, sustainable, and prosperous economy that Americans are demanding.”
Within the energy mix necessary for our transition to a carbon-neutral economy - our purpose - offshore wind turbines are playing an increasingly important role, since they produce up to twice as much energy as onshore. That's why we are investing in major offshore wind energy projects both fixed and floating, particularly in Europe, which offers very extensive sea fronts. The arrival of Ocean Winds in the United States fits squarely with this dynamic drive, as the country also offers vast coastlines and an attractive market for renewable energies.