King & Wood Mallesons (KWM) has advised EDP Renováveis (EDPR) on its agreement with ENGIE to create a 50/50 joint venture specialising in fixed and floating offshore wind energy. With this joint venture both companies aim to become the world leaders in this sector in the next few years.
Through this agreement, EDPR and ENGIE will create a new entity as exclusive vehicle of investment for offshore wind opportunities worldwide. The new entity will start with a total capacity of 1.5 GW under construction and 3.7 GW under development.
Roberto Pomares, M&A partner at King & Wood Mallesons, oversaw the coordination of the KWM legal team, of which it is worth highlighting the work done by senior associate Teresa García.