Spanish renewable energy company EDP Renováveis and Engie have announced the launch of their 50/50 joint venture (JV) company Ocean Winds (OW).

Headquartered in Madrid, the new company will serve as the exclusive investment vehicle of the two companies, with a focus on fixed and floating offshore wind projects across the world.

By combining the industrial and development capacity of both parent companies, the joint venture is expected to become one of the top five offshore global operators.

Ocean Wind will house both the companies offshore wind assets and project pipeline

Ocean Winds CEO Spyros Martinis said: “OW has been created with the intention of combining the experience and knowledge of two companies with a successful track record in the generation of renewable energy under one single firm, in order to take a leading position in the marine wind sector.

“We share a vision for the key role of renewables in general, and offshore in particular, in the new energy model.

“The creation of a company combining the experience and resources of both will give us the chance to lead a sector in this increasingly real and necessary transition.”

The offshore wind joint-venture was created by EDPR and ENGIE in May last year.

At the launch, the company will employ 200 employees and will increase the headcount to 300 by the end of the year.

OW will house both EDPR and ENGIE’s offshore wind assets and project pipeline that include a total of approximately 1.5GW under construction and 4GW under development.

The capacity is estimated to reach between 5GW and 7GW in operation or under construction and 5GW to 10GW under advanced development by 2025.

Furthermore, the company will mainly target markets in Europe, the US and selected countries in Asia.