EDP and Engie pause US offshore wind projects through Ocean Winds joint venture

Portuguese energy company EDP and French utility Engie formally paused development on three US offshore wind projects through their 50-50 joint venture Ocean Winds. The projects located off Massachusetts, New York, and California have been placed on hold indefinitely as EDP CEO Miguel Stilwell d'Andrade stated the company will 'wait for better days' amid challenging market conditions. The decision follows similar retreats by competitors in the US offshore wind sector, which has faced rising costs and supply chain constraints. Ocean Winds, which combines EDP's and Engie's offshore wind capabilities, had been developing these projects as part of a broader strategy to expand in the American market. The pause reflects growing concerns about the economic viability of US offshore wind projects in the current regulatory and financial environment.

Counterparts (3)

joint_venture

Ocean Winds

company · 2 deals

Madrid-based offshore wind developer and operator with global projects across Europe, Asia, and Australia. Focuses exclusively on offshore wind development, financing, construction, and operations with a 50-50 joint venture between EDP Renewables and ENGIE.

Partner

ENGIE

company · 7 deals

ENGIE is a global energy player focused on accelerating the transition towards a carbon-neutral world, through reduced energy consumption and more environmentally-friendly solutions. They provide services to cities, industries and individuals.

Developer

EDP

company · 4 deals

EDP is a global energy company focused on the energy transition, producing, managing, and distributing electricity with a strong emphasis on renewables (solar, wind, hydro). The company aims to deliver clean, secure, and affordable energy, expanding its renewable generation, networks, and digital solutions across Europe, North America, South America, and Asia-Pacific.