Ocean Winds

What Ocean Winds does

Ocean Winds is a pure-play offshore wind energy developer and operator created in 2019 as a 50-50 joint venture between EDP Renewables (EDPR) and ENGIE, headquartered in Madrid, Spain with regional offices in Edinburgh, Boston, and Songdo. The company develops, finances, builds, and operates offshore wind farms worldwide, spanning both bottom-fixed and floating (semi-submersible) technologies. Its technology platform is anchored by the proprietary WindFloat semi-submersible floating foundation (third-generation, licensed from Principle Power), which enables deployment in water depths beyond 40 meters where fixed-bottom foundations are not feasible. Operational projects include Moray East (950 MW, Scotland), Moray West (882 MW, Scotland), Seamade (487 MW, Belgium), Îles d'Yeu et Noirmoutier (488 MW, France), and WindFloat Atlantic (25 MW, Portugal — the world's first semi-submersible floating offshore wind farm). The company is also constructing Dieppe Le-Tréport (496 MW, France) and EFGL (30 MW, France), and holds a development pipeline spanning the UK (Caledonia, Arven), Poland (BC-Wind), South Korea (Hanbando, KF Wind), and former US positions (Golden State Wind, Bluepoint Wind, SouthCoast Wind, terminated in 2026).

Ocean Winds generates revenue through a hybrid model combining electricity sales from owned operating assets, long-term Power Purchase Agreements (PPAs) with utilities and corporate buyers, government Contract for Difference (CfD) mechanisms, asset co-ownership with strategic and financial partners, and project development/construction services. PPAs are typically 20-year fixed-rate contracts (e.g., $69.50/MWh for Vineyard Wind with 2.5% annual escalators) and CfD awards have set record-low price benchmarks (£57.50/MWh Moray East in 2018, £37.35/MWh Moray West). Corporate PPAs include Google and Amazon as off-takers for Moray West. Capital is sourced through parent companies (EDPR, ENGIE) and project finance arrangements (e.g., ~€2 billion for BC-Wind, ~€600M from EIB), with recent asset-level capital recycling demonstrated by Allianz Global Investors' €200M acquisition of a 20.25% stake in EMYN.

The company's go-to-market combines enterprise field sales to governments (via offshore wind leasing auctions and tenders), direct corporate PPA negotiations with hyperscalers and large energy buyers, and strategic joint ventures with local developers for market entry (Mainstream Renewable Power, GIP, Reventus Power, Otary, Eneco, Martifer, TERNA ENERGY, Eletrobras). As of 2026, Ocean Winds operates in 7+ countries with approximately 16.6 GW of gross portfolio capacity, 2 GW operational, 2 GW under construction, and the remainder in development. Notable recent disruptions include the $885M US lease termination with the Trump administration in 2026 and the resulting exit from US offshore wind development.

Name

Ocean Winds

Legal name

OW OFFSHORE S.L.

Website

https://oceanwinds.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Ocean Winds is a pure-play offshore wind energy developer, a 50-50 joint venture between EDP Renewables and ENGIE. It develops, finances, builds, and operates bottom-fixed and floating offshore wind farms across Europe, Asia, and the Americas, serving governments, utilities, and corporate power buyers via long-term PPAs and CfD mechanisms.

Ownership category

akta.pro rank

Product category

Offshore Wind Energy

NAICS

Wind Electric Power Generation (221115), Ship Building and Repairing (336611)

SIC

Engines & Turbines (3510), Water Transportation (4400)

akta.pro primary industry

Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations) (EUACAFAF)

akta.pro secondary industries

Offshore Wind Power Generation (Fixed-Bottom) (EUACAFAB), Offshore Wind Substructures & Marine Engineering (Monopiles, Jackets, Floating) (EUAMACAE), Offshore Wind Project Development & Leasing (EUAMACAB)

Keywords

• Offshore wind energy
• Wind farm development
• Floating wind technology
• Renewable power generation
• Utility-scale wind projects

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Power Purchase Agreements (PPAs): Long-term fixed-rate power purchase agreements with utility companies (20-year contracts at approximately $69.50/MWh with 2.5% annual increases for Vineyard Wind). Corporate PPAs with major technology companies like Google and Amazon for Moray West project.
2. Contract for Difference (CfD) Subsidies: Government-supported contract for difference mechanisms providing revenue certainty. Moray East secured CfD at £57.50/MWh (record low in 2018); Moray West at £37.35/MWh (2012 prices).
3. Asset Ownership and Operation: Ownership stakes in operational offshore wind farms generating recurring electricity sales revenue. Portfolio includes Moray East (950 MW), Moray West (882 MW), Seamade (487 MW in Belgium), Yeu-Noirmoutier (488 MW in France), and WindFloat Atlantic (25 MW in Portugal).
4. Project Development and Construction Services: Development fees and construction management services as projects reach financial close and construction milestones. BC-Wind secured approximately €2 billion in project finance.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Ocean Winds develops, finances, builds, and operates offshore wind farms worldwide as a pure-play offshore wind energy company. The company deploys both bottom-fixed and floating (semi-submersible) offshore wind technologies, with a portfolio spanning operational, under-construction, and development-stage projects across Europe, Asia, North America, and Oceania. Revenue is generated through long-term power purchase agreements (PPAs) with utilities and corporations, supplemented by government contract for difference (CfD) mechanisms.

Product overview

Ocean Winds is a pure offshore wind energy company created as a 50-50 joint venture between EDP Renewables and ENGIE. The company develops, finances, builds, and operates offshore wind farms worldwide, offering both bottom-fixed and floating offshore wind technologies. Their portfolio includes operational projects (Moray East, Moray West, Seamade, WindFloat Atlantic, Îles d'Yeu et Noirmoutier), projects under construction (Dieppe Le-Tréport, EFGL), and projects in development across Europe (BC-Wind, Caledonia, Arven, EFLO), Asia (Hanbando, Korea Floating Wind), North America (Bluepoint Wind, Golden State Wind, SouthCoast Wind), and Australia (High Sea Wind). The company operates from offices in Madrid, Edinburgh, and globally, with approximately 16.6 GW gross capacity across its portfolio.

Differentiator

Problem solved

Functional benefit

Products and services

• Moray East Operational offshore wind farm in the outer Moray Firth, Scotland, with 950 MW capacity. Led cost reduction in offshore wind, securing CfD at £57.50/MWh.
• Moray West Offshore wind farm adjacent to Moray East in the Moray Firth, Scotland, with 882 MW capacity. Reached full power in April 2025 with CfD at £37.35/MWh and corporate PPAs with Google and Amazon.
• Seamade Joint venture with Otary and Eneco for two concession zones in the Belgian North Sea. Seastar has 252 MW (30 turbines) and Mermaid has 235 MW (28 turbines), operational since 2020.
• WindFloat Atlantic Pioneer floating offshore wind project in Portugal using semi-submersible technology. 25 MW project with three 8.4 MW turbines, world first semi-submersible floating wind farm operating since 2020, with 345 GWh cumulative output over 5 years.
• Îles d'Yeu et Noirmoutier (EMYN) Offshore wind farm off the coasts of Yeu and Noirmoutier islands, France, with 488 MW installed capacity. Operational since 2026, powering equivalent of 800,000 people.
• Dieppe Le-Tréport Joint venture with Sumitomo and Banque des Territoires for 496 MW offshore wind farm in Manche Channel, France. Construction in progress, will power approximately 850,000 people.
• EFGL (Éoliennes Flottantes du Golfe du Lion) 30 MW pilot floating offshore wind project with three 10 MW turbines on WindFloat semi-submersible foundations in Mediterranean Sea, France. First floating wind in Mediterranean, with integrated Biohuts biodiversity habitats.
• BC-Wind Offshore wind project in Polish Baltic Sea with up to 500 MW capacity. Ocean Winds holds sole rights across two adjacent sites approximately 23 km offshore; secured approximately €2 billion in project finance.
• Caledonia 2 GW offshore wind project adjacent to Moray East and Moray West in the Moray Firth, UK. Awaiting offshore consent from Scottish Government; onshore planning consent approved by Aberdeenshire Council in May 2026.
• Arven 2.3 GW floating offshore wind development east of Shetland Islands, UK. 50-50 partnership between Ocean Winds and Mainstream Renewable Power via ScotWind.
• Hanbando Bottom-fixed offshore wind project with 1,125 MW capacity located 120 km off Incheon, South Korea.
• Korea Floating Wind (KF Wind) Majority shareholder of Korea Floating Wind Power Co Ltd developing three floating offshore wind projects off Ulsan coast in >200m water depth, 80km from shore, projected to be world's largest floating offshore wind area at 5+ GW.
• Bluepoint Wind Partnership between Ocean Winds and Global Infrastructure Partners for offshore wind farm off New York and New Jersey coast. 2.4 GW capacity, 38nm from NY and 53nm from NJ.
• Golden State Wind 50/50 partnership between Ocean Winds and Reventus Power for floating offshore wind project off California's central coast (Morro Bay). Up to 2 GW capacity.
• SouthCoast Wind Offshore wind project with lease area potential exceeding 2.4 GW off Massachusetts coast, USA.
• High Sea Wind Exclusively Ocean Winds-owned bottom-fixed offshore wind project off Gippsland, Victoria, Australia. 1.3 GW capacity, feasibility license granted April 2024.

Quantifiable outcome

• WindFloat Atlantic produced 345 GWh cumulative over 5 years, exceeding energy production estimates
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

29 partnerships are on record, tiered minor, major and core.

• Ignitis RenewablesminorStrategic or Co-development Partner · 1 January 2025Minority stakeholder in Moray West. Also initially partnered for Curonian Nord project in Lithuania before Ignitis acquired full control.
• INESC TECminorStrategic or Co-development Partner · 1 December 2024Horizon Europe-supported AEROSUB project coordinator developing robotics solutions for offshore wind O&M, with demonstrations at WindFloat Atlantic.
• EletrobrasminorStrategic or Co-development Partner · 1 October 2024Memorandum of Understanding signed at Brazil Wind Power 2024 to study development of offshore wind in Brazil, leveraging OW's international experience with Eletrobras' local expertise.
• Korea Electric Power Corporation (KEPCO)majorStrategic or Co-development Partner · 1 January 2024Transmission Service Agreement signed for grid connection of KF Wind project (1,125 MW total) at Shinonsan onshore station in Ulsan, South Korea.
• Reventus PowermajorStrategic or Co-development Partner · 1 January 202350-50 partnership with Reventus Power for Golden State Wind floating offshore wind project (2 GW) off California's central coast. OW manages and staffs the project.
• TERNA ENERGYmajorStrategic or Co-development Partner · 1 January 2023Collaboration to co-develop floating offshore wind farms in Greece, announced for the Greek offshore wind market.
• Boskalis / Bokalift2majorTechnology or Integration · 1 January 2023Heavy lift installation vessel operator for Moray West monopile foundation installation campaign.
• DEME GroupmajorTechnology or Integration · 1 January 2023Contracted for foundation and cable installation at BC-Wind project in Poland, deploying Orion installation vessel and Living Stone/Viking Neptun cable vessels.
• Mainstream Renewable PowercoreStrategic or Co-development Partner · 1 January 202250-50 partnership for Arven (2.3 GW) and Arven South floating offshore wind projects awarded in ScotWind 2022. Also partnered for KF Wind projects in South Korea.
• Global Infrastructure Partners (GIP)majorStrategic or Co-development Partner · 1 January 2021Partnership with New York-based GIP for Bluepoint Wind offshore project (2.4 GW) off New Jersey and New York coasts. GIP co-invests capital for project development alongside Ocean Winds.
• Martifer Renewables & EnergymajorStrategic or Co-development Partner · 1 January 2021Strategic partnership for Portugal's first offshore wind tender, combining OW's international floating wind expertise with Martifer's local market knowledge.
• Navantia SeanergiesmajorTechnology or Integration · 1 January 2021Steel jacket manufacturer for Dieppe Le-Tréport project, major Spanish shipbuilding and engineering company.
• Chantiers de l'AtlantiquemajorTechnology or Integration · 1 January 2021Offshore substation builder for Yeu-Noirmoutier project, based in Saint-Nazaire, France.
• Jan De NulmajorTechnology or Integration · 1 January 2021Belgian marine contractor responsible for offshore installation of Yeu-Noirmoutier turbines.
• Blue GridminorStrategic or Co-development Partner · 1 January 2021Independent consultancy partner for WindFloat Atlantic biodiversity monitoring report, working with MARE-ULisboa and MARE-IPLeiria.
• Siemens GamesacoreTechnology or Integration · 1 January 2020Primary turbine supplier for multiple projects including Yeu-Noirmoutier (61 turbines), Dieppe Le-Tréport, and Moray West (60 turbines with 108-metre blades). Manufacturing facilities established in Hull, Le Havre, and Saint-Nazaire.
• Global Energy GroupmajorTechnology or Integration · 1 January 2020Key foundation component manufacturer at Port of Nigg for Moray West project, supporting UK supply chain development.
• JDR CablesmajorTechnology or Integration · 1 January 2020Inter-array cable manufacturer for Moray West project, based in Teesside, UK.
• University of AberdeenminorStrategic or Co-development Partner · 1 January 2020Collaborative research partnership for marine mammal monitoring in the Moray Firth.
• University of ExeterminorStrategic or Co-development Partner · 1 January 2020Research partnership for gull tagging studies as part of environmental monitoring.
• Atlantic Salmon TrustminorStrategic or Co-development Partner · 1 January 2020Collaborative marine conservation research partnership.
• Smulders Projects UKmajorTechnology or Integration · 1 January 2020Fabricated Moray East jackets and Moray West offshore substations at yard on the Tyne.
• Siemens EnergymajorTechnology or Integration · 1 January 2020Managed Moray East and Moray West substation work from UK head office in Manchester.
• EDP Renewables (EDPR)coreStrategic or Co-development Partner · 1 January 2019EDP Renewables, a global renewable energy leader and subsidiary of EDP, combined its offshore wind assets and project pipeline with ENGIE in 2019/2020 to create Ocean Winds as a 50-50 joint venture. EDPR contributes project development expertise and access to capital markets for project financing.
• ENGIEcoreStrategic or Co-development Partner · 1 January 2019ENGIE, a global energy company with 57.2 GW of renewable capacity, combined its offshore wind business with EDPR to create Ocean Winds. ENGIE contributes operational expertise and international project development capabilities, with 2.747 GW of offshore wind capacity.
• RepsolminorStrategic or Co-development Partner · 1 January 2017Joint venture partner in WindFloat Atlantic floating offshore wind project in Portugal alongside Tokyo Gas.
• Tokyo GasminorStrategic or Co-development Partner · 1 January 2017Joint venture partner in WindFloat Atlantic floating offshore wind project in Portugal alongside Repsol.
• OtaryminorStrategic or Co-development Partner · 1 January 2017Joint venture partner in Seamade project (Seastar and Mermaid concessions) in Belgian North Sea alongside Eneco and Ocean Winds.
• EnecominorStrategic or Co-development Partner · 1 January 2017Joint venture partner in Seamade project (Seastar and Mermaid concessions) in Belgian North Sea alongside Otary and Ocean Winds.

Scale indicators12 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Ørsted: Ørsted is the global leader in offshore wind development with a multi-GW operational fleet and the most extensive track record. It directly competes with Ocean Winds in European and US lease auctions and shares the same end-to-end develop-finance-build-operate model.
• Equinor: Equinor is a major offshore wind developer with operational and development assets in the UK, US, and Poland (including the Hywind floating wind pioneer). It competes head-to-head with Ocean Winds in lease rounds and corporate PPAs and is comparable in scale and integrated capability.
• RWE: RWE is a major European utility with a sizable offshore wind development pipeline across Europe and the US. It is a direct competitor in US lease buyout negotiations and UK/European lease auctions, with comparable integrated development capability.
• Vattenfall: Vattenfall develops offshore wind in the UK, Germany, Netherlands, and Scandinavia with both bottom-fixed and emerging floating wind projects. It is a direct peer in Northern European offshore wind auctions and shares a similar state-owned utility backing structure.

Broad incumbents

• Iberdrola / Avangrid Renewables: Iberdrola (through Avangrid) is a leading global offshore wind developer with major US East Coast projects. It competes with Ocean Winds in New York Bight and Massachusetts lease rounds and is comparable in scale as an integrated renewables major.
• Shell (Shell Renewables & Energy Solutions): Shell is a global energy major with growing offshore wind exposure, particularly in the US, UK, and Netherlands. It is comparable as a deep-pocketed competitor pursuing offshore wind as part of a broader energy transition strategy.

Emerging players

• EDF Renewables: EDF Renewables is a sibling offshore wind developer associated with ENGIE's domestic French competitor. It operates in overlapping French and UK waters and is a comparable counterpart on floating wind pilots and bottom-fixed projects in France.
• TotalEnergies: TotalEnergies is a major oil & gas major building a multi-GW offshore wind portfolio, including a $1 billion US lease termination similar to Ocean Winds. It competes with Ocean Winds in US lease buyouts and in European floating wind development.
• Mainstream Renewable Power: Mainstream is Ocean Winds' 50-50 JV partner for the Arven and Arven South floating offshore wind projects in Scotland and also for KF Wind projects in Korea. It is a peer and partner in floating wind development across multiple geographies.
• Principle Power: Principle Power is the original licensor of the WindFloat semi-submersible floating platform used by Ocean Winds. It is a technology-focused peer and partner in the floating offshore wind value chain, particularly relevant for next-generation platform development.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Customer concentration

• YouTubeyoutube.com/channel/UCYHa-zQVuUC7HK7zk7vC6_w
• LinkedInlinkedin.com/company/ow-ocean-winds/?originalSubdomain=es

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ocean Winds