Ocean Winds

EDPR describes Ocean Winds as focused on execution of its existing European projects, with about 3 GW gross in operation by 2026, long-term pipeline optionality after 2030 and limited additional capital needs in the short term, and a partnership model that keeps net exposure and funding disciplined.

EDPR made a capital increase of EUR 307.4m in OW Offshore S.L. in the first half of 2026, and its loans to Ocean Winds rose to EUR 728m at 30 June 2026 from EUR 537m at the end of 2025.

“These achievements highlight our ability, through Ocean Winds, to industrialize complementary technologies — fixed-bottom and floating — and to master the entire value chain, relying on a mature supply chain, strong partnerships and long-term territorial roots.”

“What is agreed is that these investments will be carried out by our partners in those two projects. And therefore, there will be no direct involvement of Ocean Winds or EDPR in those investments.”

Asked about SouthCoast Wind, EDPR's CFO described it as probably the most advanced offshore project in that part of the US, well advanced on permitting and interconnection, said the project continues to be hibernated, and said all options are being explored.

“Ocean Winds, its 50/50 wind offshore joint venture with ENGIE, secured reimbursement for the Bluepoint Wind and Golden State Wind offshore leases, with EDPR expected to receive $0.2bn upon reinvestment in qualifying US energy projects.”

“Complementing this delivery-first focus, OW pursues strategic growth in markets where long-term value creation is both realistic and sustainable, particularly as a new wave of offshore wind auctions is taking shape across Europe.”

EDPR will invest approximately EUR 7.5 billion in 2026-2028, with US renewables at the core and approximately 5 GW of new clean energy in solar and wind coupled with BESS. Ocean Winds' gross capacity in operation will reach approximately 3 GW by 2026. The company targets EUR 4.5 billion in asset rotation proceeds and EUR 1 billion in disposals to focus on core markets.

“The situation has become much more stable. There was a lot of uncertainty, certainly at the beginning of the year, in terms of the policies. Now at least we have visibility, with the Big Beautiful Bill. We need a stable legislative framework to be able to invest, and I think that's what we're looking for.”

EDPR is in the early stages of reviewing its 50% holding in the Ocean Winds venture and may seek to sell at least a portion of its stake to other investors to alleviate future spending commitments and reduce its debt load. No final decisions have been made.

“We've taken the more prudent four-year delay approach; could've taken a two-year delay, but we took a four-year one. The project is still ready to go with a power purchase agreement that is ready to sign with an attractive price.”

“Announcing first power for Moray West in the current international context marks Ocean Winds' commitment to successful delivery, adaptability, reactivity and resilience, as well as highlighting the tremendous work from our teams.”

“We are delighted to receive this new project as a sign of trust from the Australian Government towards Ocean Winds' capabilities to successfully deliver clean offshore wind energy.”

“Ocean Winds is resolute in our commitment to delivering on our promises of development of offshore wind energy in the United Kingdom and this will allow us to keep on investing in the region. With the ongoing construction of Moray West and the development of the Caledonia project, Ocean Winds is multiplying the capacity of the Moray Firth region to generate close to 4 GW of clean energy from offshore wind.”

“Despite the current global economic challenges, inflation and tension on the supply chain, we have renewed our commitment to the realization of our projects securing financing, demonstrating the confidence that the financial markets hold in the strength of our projects and us as the delivery partner.”

Today we ramp up our ambition to lead the energy transition supported by a competitive and resilient portfolio. Offshore wind capacity will scale up through the joint venture Ocean Winds and provide significant visibility on growth over the next 10-15 years. Investment plan is based on selective and disciplined risk/return criteria including a target IRR/WACC above 1.4x.

“By 2025 Ocean Winds plans to add 5-7 GW of projects already in operation or under construction and 5-10 GW of projects in advanced stage of development. The total accumulated amount of investment in these offshore wind projects will obviously be much higher than 3 billion euros.”

“We are honored to have been awarded this lease as the first step of what would be a key project for offshore wind energy in the U.S. We are very excited to partner with GIP on this project, they bring both financial strength as well as critical experience in renewable energy projects and infrastructure investment.”

“The award of this project reinforces and consolidates our position as a key player in the UK, where we already have the adjacent Moray East and Moray West projects, favouring synergies between them and improving their efficiency. Our presence in the area for more than a decade has positioned it as a strategic market for the Group and we are firmly committed to continuing to pursue our investment roadmap to drive the energy transition.”

“This is the first output from the first turbines of our first project. First Generation is a long awaited and hard earned milestone for the project. It represents the culmination of more than a decade of effort.”

“OW will be a major element in creating the new clean, sustainable, and prosperous economy that Americans are demanding and OW North America can help to build that future. OW North America from Day One is in the business of developing and delivering real offshore wind projects.”

“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.”