Ocean Winds, a joint venture (JV) company between EDP and Engie, has decided to invest €3bn ($3.16bn) to develop offshore wind projects by 2025, Reuters has reported.

Engie and EDP have each agreed to invest €1.5bn for the development of the projects.

Additional investments for the projects will be secured in the form of debt and financing from external partners.

EDP chief executive Miguel Stilwell d’Andrade said that the total amount invested in the projects ‘will obviously be much higher’ than the initial €3bn.

Ocean Winds plans to add around 5GW to 7GW of operational or developing capacity over the next three years and have an advanced stage project pipeline of between 5GW and 10GW.

Since its formation in 2020, the JV has increased its portfolio of operational or developing projects to more than 11GW. It currently operates in seven countries worldwide.

reNEWS quoted EDP chief executive Miguel Stilwell d’Andrade as saying: “This is the time for a consistent and collective action to transform the world into a better place for the generations to come.

“EDP will continue to contribute to this change with ambitious energy transition goals, including in offshore wind and floating solar.

“In addition to a high business potential, these segments have clear economic and environmental benefits, which EDP will continue to promote, along with the sustainability of the ocean, in line with the UN Sustainable Development Goals and the objectives established in the Paris Agreement.”

The projects will help EDP in its efforts to eliminate coal production by 2025 and become fully green by 2030.

In January this year, the European Commission selected EDP and its partners to develop a 100MW green hydrogen production project in Portugal.

Other companies involved in developing the GreenH2Atlantic project include Galp, Bondalti, Martifer, Engie, Vestas Wind Systems, McPhy and Efacec.