ENGIE has announced the signing of an agreement with EDPR for the creation of a co-controlled 50/50 joint-venture in the fixed and floating offshore wind sector.
The signed agreement follows the announcement, on May 21st 2019, of a strategic Memorandum of Understanding to form a new entity as exclusive vehicle of investment of ENGIE and EDPR for offshore wind worldwide. The joint-venture brings together the industrial expertise and the development capacity of both companies.
Under the terms of the Memorandum of Understanding, EDPR et ENGIE are combining their offshore wind assets and their projects within the new joint-venture, starting with a total of 1.5 GW under construction and 4.0 GW in the process of development. The agreement announced is subject to certain pre-requisite conditions, such as the European Commission regulatory approval process. The joint-venture is expected to be operational during the first quarter of 2020.
The Linklaters team was composed of Marc Petitier (Picture), partner, and Olivier Pâris associate in Corporate. Pierre Zelenko, partner, aided by Jérémie Marthan, counsel and Rahel Wendebourg, associate, advised on aspects of competition law for the joint-venture.
The Linklaters offices in Madrid, Lisbon, New York, Washington, London, Warsaw and Beijing also advised on the transaction.
Law Firms: Linklaters;
Clients: ENGIE SA;