Ocean Winds, a joint venture (JV) company between EDP and Engie, has decided to invest €3bn ($3.16bn) to develop offshore wind projects by 2025. Engie and EDP have each agreed to invest €1.5bn for the development of the projects. Additional investments for the projects will be secured in the form of debt and financing from external partners.

EDP chief executive said that the total amount invested in the projects ‘will obviously be much higher’ than the initial €3bn. Ocean Winds plans to add around 5GW to 7GW of operational or developing capacity over the next three years and have an advanced stage project pipeline of between 5GW and 10GW.