LISBON, June 23 (Reuters) – Ocean Winds, a joint venture between leading Portuguese utility EDP (EDP.LS) and France’s Engie (ENGIE.PA), plans to invest 3 billion euros ($3.15 billion dollars) to develop offshore wind projects in 2025, EDP’s chief executive told Reuters on Thursday.

The company’s equal partners are targeting up to 7 gigawatts (GW) of new capacity in operation or under construction by then, Andrade CEO Miguel Stilwell said.

Ocean Winds is the exclusive investment vehicle of EDP – through its subsidiary EDP Renewables (EDPR.LS) – and Engie to seize opportunities in offshore wind energy worldwide.

Since its inception in 2020, Ocean Winds has grown from 1.5 GW of projects under construction and 4 GW in development to a total portfolio of over 11 GW, and is now present in seven countries.

Each partner will invest 1.5 billion euros, and the projects will also be financed “by debt and financing from other external partners”.

“The cumulative total amount of investments in these offshore wind projects will obviously be much higher (at 3 billion euros), he said.

He said that “by 2025, Ocean Winds expects to add 5-7 GW of projects already in operation or under construction and 5-10 GW of projects at an advanced stage of development.”

($1 = 0.9512 euros)

Reporting by Sergio Goncalves; edited by Andrei Khalip

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