Ocean Winds, the JV between EDPR and Engie wins two lots of offshore wind turbines from Scotland – 08/22/2022 at 18:28


(AOF) – Ocean Winds, a joint venture of the Portuguese group EDP Renováveis ​​(EDPR) and the energy company Engie, has won two batches of offshore wind turbines from Scotland, with a capacity of 2.3 gigawatts (GW), has Portuguese web media jornaldenegocios.pt reported today.

Both lots have a capacity of 2.3 GW and are located east of the Shetland Islands.

The first batch, with a capacity of 1.8 GW, was won by a 50-50 joint venture between Mainstream Renewable Power and Ocean Winds and will operate a site approximately 100 meters deep.

The second project, of 500 MW, will be developed and operated solely by Ocean Winds.

The joint venture had already won a 2 GW batch in Scotland in January. It is currently building, developing or operating three offshore projects in Scotland with a capacity of approximately 3.8 GW.

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Key points

– Group created in 2008 from the GDF-Suez merger, world leader in energy transition, world’s leading producer of non-nuclear electricity, leading supplier of energy efficiency services, second supplier of environmental services;

– Activity of €57.9 billion with strong positions in Europe, where 64% of revenues come from, including 36% for France, ahead of the Americas (16%);

– Business model based on control of the value chain and on refocusing on 5 businesses: renewables, infrastructure, energy solutions, energy production & supply and energy and nuclear management;

– Capital controlled at 23.64% by the State, alongside Caisse des dépôts (4.59%), and at 3.2% by employees, Jean-Pierre Clamadieu chairing the board of directors and Catherine MacGregor providing general management;

– Controlled financial structure with €25.2 billion in net debt giving a leverage effect of 3.6 and which will be reinforced on 2

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semester by the disposal of Equans,.

Challenges

– Annual growth strategy for Renewables increased to 4 GW between 2022-25 and 6 GW between 2026-30 via:

– simplification of the group with 4 Business Units compared to 25 and an international presence reduced to 30 countries compared to 53,

– deployment of “BRIGHT”, specialized in multi-technical services,

– at least €11 billion in disposals and €15 to 16 billion in growth investments;

– and leading to an increase in profits (€3.2 to €3.4 billion in 2023 and €3.3 to €3.5 billion in 2025) and a debt leverage effect of less than 4;

– Innovation strategy organized into transversal roadmaps: Horizons: 1 / process efficiency, 2 / dissemination of new technologies, 3 / monitoring and research for future growth / Ecosystems: 23 thematic Labs, Engie Factories, internal platforms (DigiPlace , Common Data, Hub, Inner Source);

– Environmental strategy aiming for carbon neutrality by 2045: 2 2030 objectives: 70% reduction in CO2 emissions compared to 2016 and increase to 58%, vs 34% at the end of 2021, of renewable energies in electricity production,

total phase-out of coal in Europe in 2025 and elsewhere in 2027 / articulated between the growth of sustainable activities and risk management in production / financed by green loans;

– Strong growth in profitability thanks to the leading position in Brazil, a key market for the group, the CCGT fleet (the largest in Europe), renewables and long-term partnerships with gas producers, such as Gazprom.

Challenges

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– To compensate for the shutdown of the Belgian nuclear power plants in 2025, imperative for growth in profitability from investments in renewables, the performance of Energy Solutions and the contribution of infrastructures;

– Recovery of EVBox, the leader in charging solutions, handicapped by the shortage and inflation of components;

– Achievement of long-term ambitions: in renewables, 50 GW of installed capacity by 2025 and 80 GW by 2030, in infrastructure, annual growth of 1.5% until 2024 and, for Energy solutions, growing pipeline to €14 billion;

– 2022 objectives: recurring net income between 3.3 and 3.5 billion;

– Distribution rate of 65 to 75% until 2023 and dividend of €0.85 for 2021.

Threat to the European energy system

The leading importer of German gas, Uniper posts 54% of the volumes it buys from Russia. Following the war in Ukraine, the group had to acquire the volumes it lacked on the spot market, the prices of which had exploded. In difficulty, he requested aid from the German state, which raises concerns for all European energy companies. Nevertheless the German RWE and the French Engie reacted by arguing that their situation was very different. RWE stressed that it was less dependent on Russian gas. As for Engie, it benefits from the diversification of its sources of supply, with an increase in the volumes of LNG delivered to France and contracts with Norway and Algeria. The group has also adapted its hedging strategy to strengthen its resilience.



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