KWM advises on the EDPR-ENGIE energy joint venture
King & Wood Mallesons (KWM) has advised EDP Renováveis (EDPR) on the creation of a joint venture with ENGIE for the development of offshore wind energy projects
The agreement between EDPR and ENGIE is to create a 50/50 joint venture specializing in offshore wind energy. According to KWM, with this joint venture, both companies intend to become world leaders in this sector in the coming years.
Through this agreement, the companies will constitute a new entity to which they will contribute all of their current assets in the offshore wind energy sector and which will act as an exclusive investment vehicle for EDPR and ENGIE to develop new opportunities in this sector worldwide. The new entity is expected to start operations in the first quarter of 2020, with an initial total of 1.5 GW under construction and 3.7 GW under development.
KWM multidisciplinary team was led by M&A partner, Roberto Pomares (pictured), and included senior associate Teresa García.
According to Roberto Pomares “this operation is of great strategic importance for both companies and marks a turning point in their commitment to the offshore wind energy sector”.