Spain-based renewable energy company EDP Renewables (EDPR) announced that it would invest €1.5 billion (~$1.58 billion) in Ocean Winds through a 50:50 joint venture with global energy company Engie. The investment is part of the company’s strategic partnership announced in 2021 to accelerate energy transition through offshore wind.

Ocean Winds is a cross-cultural community-based organization exploring the opportunities and challenges of floating offshore wind energy, facilitating research, and educating the public.

EDP Renewables is set to participate in the Ocean Conference, promoted by the United Nations (UN), to announce its investment strategy and sustainability commitments in offshore wind projects. The conference will be held between June 27 and July 1 in Lisbon.

EDPR’s CEO Miguel Stilwell d’Andrade observed, “In addition to high business potential, offshore wind projects have clear economic and environmental benefits. We promote environment-friendly benefits along with the sustainability of the ocean and in line with the UN Sustainable Development Goals and the objectives established in the Paris Agreement.”

EDP Renewables and Ocean Winds recently subscribed to nine principles for the Sustainable Ocean. The principles established by the UN Global Compact are a unique initiative of the UN Secretary-General dedicated to mobilizing companies’ sustainability and providing a framework for the practice of sustainable business across all industries and regions.

Ocean Winds aims to operationalize 5-7 GW floating solar projects by 2025. It is working with developers and manufacturers to deploy 5-10 GW of projects in advanced development stages in the next three years.

Since its inception in 2020, Ocean Winds has expanded its portfolio of 1.5 GW under-construction projects and 4 GW projects under development to over 11 GW, with a presence in seven countries.

The global installed offshore capacity stands at around 40 GW and is expected to reach over 200 GW by the end of the decade, going beyond 1,500 GW by 2050. OW’s collaborations in offshore projects would bolster the blue economy and are aligned with EDPR’s sustainability commitments.

Earlier this year, EDPR said it would acquire a 91% stake in Sunseap and announced the closure of its S$1.1 billion (~$795 million) deal with the solar energy system developer. The company is mulling an investment of S$10 billion (~$7.2 billion) in 2030 to create an industry-leading clean energy hub for the Asia-Pacific (APAC) region, with a portfolio including nearly 10 GW of clean projects.

According to a report released recently by the Global Wind Energy Council (GWEC), Ireland, Italy, Morocco, the Philippines, and the U.S. could lead the next wave of floating offshore wind development worldwide.