Ocean Winds acquires full ownership of SouthCoast Wind project
In a significant move within the renewable energy sector, Ocean Winds (OW), a joint venture between EDP Renewables and ENGIE dedicated to offshore wind energy, has acquired full ownership of the SouthCoast Wind project located off the coast of Massachusetts, United States. This acquisition marks a pivotal step in the expansion of offshore wind energy projects, emphasizing the growing importance of renewable resources in the global energy transition.
Ocean Winds, the international company committed to the development of offshore wind energy, announced its acquisition of full ownership of the SouthCoast Wind project, previously a shared venture with Shell New Energies. The deal, finalized yesterday, underscores Ocean Winds’ strategic direction and intensifying focus on offshore wind energy in the North American market.
Grzegorz Gorski, Chief Operating Officer for Ocean Winds, expressed appreciation for Shell’s contributions since the project’s inception, signaling a continued commitment to advancing renewable energy sources. “We recognize Shell’s decision and want to thank them for working together since the inception of the SouthCoast Wind project,” Gorski stated, reflecting the collaborative spirit that has driven the project forward.
Michael Brown, OW’s North America CEO, highlighted the company’s dedication to the joint procurement process for offshore wind energy being undertaken by Connecticut, Rhode Island, and Massachusetts. Brown’s statement, “Ocean Winds and SouthCoast Wind are intensely focused on completing permitting and development of this clean energy project,” indicates the strategic importance of the SouthCoast Wind project in the broader context of renewable energy development in the United States.
The acquisition is part of Ocean Winds’ broader strategy in the U.S., aiming to bring in a new 50% partner ahead of the final investment decision for SouthCoast Wind. This move is reflective of the dynamic nature of the renewable energy market and the company’s adaptive strategy to foster growth and sustainability.
Ocean Winds was established in 2019 as a 50-50 joint venture between EDP Renewables (EDPR) and ENGIE, combining their offshore wind assets and project pipeline. With an ambitious target to reach 5-7 GW of projects in operation or construction and 5-10 GW under advanced development by 2025, Ocean Winds is positioning itself as a key player in the global energy transition towards renewable sources.
The joint venture capitalizes on the successful five-year cooperation between EDPR and ENGIE in offshore wind projects across Europe and the United Kingdom. By focusing on offshore wind energy, Ocean Winds is contributing to the renewable energy sector’s growth, competitiveness, and the global shift towards sustainable energy solutions.