Wind Energy – Stakes
Ocean Winds, the 50:50 joint venture between Portugal’s EDP Renováveis and France’s Engie, has agreed to sell a 20.25% stake in its 500 MW Îles d’Yeu et Noirmoutier offshore wind farm in France to Allianz Global Investors for $232 million.
Located in Vendée on France’s Atlantic coast, the Îles d’Yeu and Noirmoutier offshore wind farm features 61 Siemens Gamesa turbines, each with an 8.2 MW capacity. It is supported by a 20-year inflation-linked feed-in tariff, ensuring stable long-term revenue.
According to EDP, which holds a 71.3% stake in EDP Renováveis, the transaction implies an enterprise value-to-megawatt ratio of $6.5 million.
Following a final investment decision in April 2023, construction has reached its final phase.
Power generation is expected to begin in June 2025, with more than half of the turbines already installed and supplying electricity to French households.
The wind farm is expected to be fully operational by the end of 2025.
Following the sale, ownership of the project will be divided between Ocean Winds (40%), Allianz Global Investors (20.25%), Sumitomo Corp (29.5%), Banque des Territoires (9.75%), and Vendée Energie (0.5%).
