ENGIE to form a joint venture with EDPR.

ENGIE, a multinational electric utility company that operates in the fields of energy transition, electricity generation and distribution, is set to form a joint venture with EDPR, a global energy company. Financial terms were not disclosed. ENGIE and EDPR are combining their offshore wind assets and project pipeline in this new entity, starting with a total of 1.5 GW under construction and 3.7 GW under development, and working together to become a global top leader in the sector. The agreement announced today is subject to certain conditions precedent such as European Commission regulatory approval process. The JV is expected to be operational during the first quarter 2020.