Iles d'Yeu et de Noirmoutier

ENGIE and EDPR signed an alliance with Sumitomo Corporation for the development of two French offshore wind projects: Dieppe-Le Tréport and Îles d'Yeu et de Noirmoutier. As part of this alliance, EDPR sold 13.5% stakes in each of the two projects to Sumitomo. The combined reported consideration was approximately EUR 42.8 million across both projects (EUR ~21.4m per project, pro-rata by capacity). Post-transaction ownership of Îles d'Yeu et Noirmoutier: ENGIE 31%, EDPR 29.5%, Sumitomo 29.5%, Banque des Territoires 10%. The project structure was held via Eoliennes en Mer des Îles d'Yeu et de Noirmoutier (EMYN). EDPR received EUR 42.8m upfront for both projects combined, which could increase over time as agreed conditions are met; the per-project split is by capacity and approximate. Vendée Energie subsequently acquired a small capital participation in October 2022.

Ocean Winds sold a 20.25% stake in the îles d'Yeu & Noirmoutier offshore wind farm to Allianz Global Investors for an equity value of EUR 200 million. The implied enterprise value is EUR 5.6 million per MW (EUR 2,731m at 100% implied equity basis), however the EUR 200m / 20.25% implies an equity value of EUR 988m at 100%, which translates to EUR 2,025k/MW at 488 MW — consistent with the operational range. Allianz cited the project's 20-year fixed inflation-linked feed-in tariff as a key investment rationale. First power was generated in June 2025 and the project was in ramp-up at announcement. The deal was announced October 21, 2025 and completed December 22, 2025. Post-transaction ownership: Ocean Winds 40%, Sumitomo 29.5%, Allianz GI 20.25%, Banque des Territoires 9.75%, Vendée Energie 0.5%. The EV/MW figure of EUR 5.6m/MW cited in press releases uses enterprise value (including project debt) rather than equity value; the equity-only implied value per MW shown here uses the pure equity calculation (EUR 200m / 20.25% = EUR 988m equity, divided by 488 MW).