EDPR mulls selling stake in Ocean Winds JV
Renewables Now|Sladjana Djunisic|Mar 10, 2025
According to the report, EDPR is in the early stages of reviewing its holding in Ocean Winds, a Spain-based developer and operator of bottom-fixed and floating offshore wind projects around the world. The company may seek to sell at least a portion of its 50% stake to other investors to alleviate future spending commitments and reduce its debt load, Bloomberg reported.
According to the report, EDPR is in the early stages of reviewing its holding in Ocean Winds, a Spain-based developer and operator of bottom-fixed and floating offshore wind projects around the world. The company may seek to sell at least a portion of its 50% stake to other investors to alleviate future spending commitments and reduce its debt load, Bloomberg reported.
Portuguese renewables company EDP Renovaveis SA is exploring the potential sale of a stake in its 50/50 offshore wind joint venture (JV), Ocean Winds, with Engie SA, Bloomberg reported on Thursday, citing people familiar with the matter.
According to the report, EDPR is in the early stages of reviewing its holding in Ocean Winds, a Spain-based developer and operator of bottom-fixed and floating offshore wind projects around the world. The company may seek to sell at least a portion of its 50% stake to other investors to alleviate future spending commitments and reduce its debt load, Bloomberg reported.
The potential sale could attract interest from infrastructure funds and energy companies, the report said. However, no final decisions have …
... more [truncated due to possible copyright]Portuguese renewables company EDP Renovaveis SA is exploring the potential sale of a stake in its 50/50 offshore wind joint venture (JV), Ocean Winds, with Engie SA, Bloomberg reported on Thursday, citing people familiar with the matter.
According to the report, EDPR is in the early stages of reviewing its holding in Ocean Winds, a Spain-based developer and operator of bottom-fixed and floating offshore wind projects around the world. The company may seek to sell at least a portion of its 50% stake to other investors to alleviate future spending commitments and reduce its debt load, Bloomberg reported.
The potential sale could attract interest from infrastructure funds and energy companies, the report said. However, no final decisions have been made, and EDPR could ultimately decide against a deal, the sources told Bloomberg.
EDPR last month reported a 57% year-on-year drop in net profit for 2024, impacted by lower asset rotation gains and higher financial. Its net debt stood at EUR 8.3 billion (USD 9.0bn), increasing by EUR 2.5 billion compared to the previous year, with debt-to-EBITDA ratios rising.
EDPR and the French utility formally launched Ocean Winds in mid-2020 as a vehicle that will house offshore wind assets of both companies. The overall portfolio at the time consisted of around 1.5 GW under construction and 4 GW in development.
The offshore wind business has since grown, holding stakes in 18,754 MW of completed, under-construction and under-development projects across Europe, the United States, South Korea and Australia, according to EDPR’s 2024 earnings report.