Posted on March 10, 2025
The Portuguese company owns 50% of Ocean Winds with France’s Engie.
EDP Renováveis ??(EDPR) is mulling selling its stake in offshore wind company Ocean Winds. The company owns 50% and the remaining 50% is held by France’s Engie.
The news was revealed by Bloomberg. No final decision has been made and one possibility is to sell only a 50% stake. One possibility is to sell energy companies; another is to sell to infrastructure funds, according to the news agency.
Last week, EDPR announced that it will cut its investments in 2025/26 and sell assets in 2025 to cover the losses of 550 million recorded in 2024, mainly due to the exit of Colombia, but also helped by a deterioration recorded by the suspension of an offshore wind project on the east coast of the United States, following Donald Trump’s decision.
The offshore wind industry has been hit by rising turbine costs and supply chain issues.
Companies have seen declines, such as Denmark’s Orsted, which made a loss of $1.7 billion.
These projects have very high costs. Not only the purchase of the wind turbines and foundations, but also the installation costs, along with the costs of the electrical connection to land.
Ocean Winds’ Noirmoutier wind farm off the French coast is expected to cost €2.5 billion and is due to start this year. The Dieppe Le Tréport wind farm is due to start in 2026 and is estimated to cost €2.7 billion.
