Otary
Otary is a Belgian partnership of eight renewable energy companies that develops, finances, builds, and manages offshore wind farms in the Belgian North Sea, operating the Rentel and SeaMade concessions (≈800 MW total) and selling electricity to utilities and Elia under long-term agreements.
- Company typePrivate
- Founded2011
- HeadquartersOostende, Belgium
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Otary does
Otary is a Belgian partnership of eight renewable energy companies that develops, finances, builds, and manages offshore wind farms, with operations concentrated entirely in the Belgian North Sea. The company holds concession rights for two operational assets: Rentel (309 MW, 42 Siemens SWT-7.0-154 turbines, operational since November 2018) and SeaMade (487 MW, 58 Siemens Gamesa SG 8.0-167 turbines, operational since end of 2020), together delivering approximately 800 MW of capacity that powers roughly 800,000 Belgian households and avoids an estimated 500,000–700,000 tonnes of CO2 annually. Otary's technology stack combines direct-drive wind turbines, a proprietary High Wind Ride Through software that gradually reduces output during storm-level winds (23–35 m/s) to protect turbines and grid stability, and SWATH-vessel maintenance operations that reduce fuel consumption by 50% relative to monohull SOVs.
Otary monetizes these assets by selling generated electricity to Belgian energy utilities and the national transmission system operator Elia under long-term concession-backed supply agreements tied to 20–25 year operational lifespans. The company operates a full lifecycle service model covering development (feasibility, permitting, environmental and grid studies), construction (EPCI coordination, quality inspection, substation commissioning), and management (asset management, maintenance, energy optimization). Project financing for Rentel (€1.1B) and SeaMade (€1.3B) was assembled from a syndicate of eight commercial banks alongside the European Investment Bank, the Danish export credit agency EKF, and Belgium's Delcredere|Ducroire.
SeaMade is held 70% by Otary RS NV, 17.5% by ENGIE/Ocean Winds, and 12.5% by Eneco Wind Belgium; Rentel is held through a broader eight-partner consortium. The partnership structure — comprising Green Offshore (Ackermans van Haaren), Power @ Sea, DEME, Aspiravi, Elicio, SRIW Environnement, Z-Kracht/Nuhma, and Socofe — provides integrated capabilities in dredging, marine engineering, investment, and renewable generation, but also means Otary's economic interest in any single project is partial. Otary is registered in Oostende, Belgium, employs approximately 50 people, and in July 2024 formed a consortium with Ocean Winds and Eneco to pursue the Princess Elisabeth concession, the next major Belgian offshore tender.
Otary firmographics
Firmographics- Name
- Otary
- Legal name
- Otary RS NV
- Website
- https://otary.be
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Otary is a Belgian partnership of eight renewable energy companies that develops, finances, builds, and manages offshore wind farms in the Belgian North Sea, operating the Rentel and SeaMade concessions (≈800 MW total) and selling electricity to utilities and Elia under long-term agreements.
- Ownership category
- akta.pro rank
Otary industry classification
Industry- Product category
- Offshore Wind Energy
- NAICS
- Wind Electric Power Generation (221115)
- SIC
- Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Offshore Wind Power Generation (Fixed-Bottom) (EUACAFAB)
- akta.pro secondary industries
- Wind Farm Development & Permitting (Greenfield/Brownfield) (EUACAFAE), Wind Operations, Maintenance & Asset Management (Scheduled/Unscheduled) (EUAMACAH), Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations) (EUACAFAF)
Keywords
Where Otary is headquartered
LocationHeadquarters
- HQ city
- Oostende
- HQ country
- Belgium
- HQ region
- Europe
Offices1 record
Markets served
Otary business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- Offshore Wind Energy Production and Sale: Otary generates revenue by producing renewable electricity from offshore wind farms and selling it to energy utilities and grid operators. Revenue is derived from long-term government-concession backed electricity supply agreements. The company manages wind farms throughout their 20-25 year operational lifespan, maximizing energy output while minimizing costs.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels7 records
Otary product offering
Product offeringCore offering
Otary develops, finances, builds, and manages offshore wind farms that generate renewable electrical energy from wind. Its operational portfolio comprises the Rentel wind farm (309 MW, 42 turbines) and the SeaMade wind farm (487 MW, 58 turbines), totaling approximately 800 MW of installed capacity in the Belgian North Sea. The company provides end-to-end services covering feasibility, permitting, financing, construction management, asset management, and operations during the 20–25 year life of each wind farm.
Product overview
Otary is a Belgian partnership that develops, finances, builds, and manages offshore wind farms. The company operates two main offshore wind farm products: the Rentel wind farm (309 MW, 42 turbines, operational since 2018) and the SeaMade wind farm (487 MW, 58 turbines, operational since 2020), together providing nearly 800 MW of offshore capacity. In addition to these core products, Otary offers three integrated service modules: Development Services (feasibility studies, permitting, environmental assessments), Construction Services (coordination, quality inspection, project management), and Management/Operations Services (asset management, maintenance, energy optimization). The company also conducts Innovation Projects focusing on AI, virtual reality, and efficiency improvements to enrich future market offerings.
Differentiator
Problem solved
Functional benefit
Products and services
- Rentel Offshore Wind Farm A 309 MW offshore wind farm consisting of 42 Siemens SWT-7.0-154 turbines, located between the Thornton and Lodewijck banks in the Belgian North Sea, that powers approximately 300,000 Belgian households annually. Revenue is generated by selling the renewable electricity to energy utilities and grid operators.
- SeaMade Offshore Wind Farm A 487 MW offshore wind farm combining the Seastar and Mermaid concession zones, equipped with 58 Siemens Gamesa SG 8.0-167 turbines, that powers approximately 500,000 Belgian households annually and avoids around 500,000–700,000 tonnes of CO2 emissions per year. Revenue is generated by selling the renewable electricity to utilities and the national grid.
- Development Services Comprehensive development services for offshore wind projects, covering feasibility studies for wind farm layout, foundation design, and electrical infrastructure, alongside grid studies, soil examination, wind analysis, environmental impact assessments, and contracting and financing strategy development. Sold to partners, concession holders, and project consortia preparing offshore wind developments.
- Construction Services Coordination and management of offshore wind farm construction, covering foundation design, steel ordering, production monitoring, cable installation, substation positioning, turbine installation, testing, design reviews, audits, quality inspections, timing coordination, and stakeholder reporting. Provided to project owners and consortium partners building offshore wind farms.
- Management and Operations Services Asset management of offshore wind farms throughout their 20–25 year operational lifespan from Otary's operations base in Ostend. The service covers energy output maximization, reliability optimization, maintenance activities, and the use of state-of-the-art equipment for process control, safety, and data mining. Sold to project owners and concession holders operating Belgian North Sea wind farms.
Quantifiable outcome
- 800 MW total operational offshore wind capacity in Belgium
- +3 more outcomes
Companies that use Otary
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Otary technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability2 records
Feature2 records
Otary partnerships and signals
Strategic signalPartnerships
14 partnerships are on record, tiered core and minor.
- Ocean WindscoreFormed strategic consortium with Ocean Winds and Eneco to jointly pursue the offshore wind Princess Elisabeth concession in Belgium. First tender expected 2025.
- ENGIE Electrabel / Ocean WindscoreENGIE Electrabel (now Ocean Winds, 50/50 JV between EDP Renewables and ENGIE) holds 17.5% stake in SeaMade NV and is a key development partner. They contribute expertise through subsidiaries ENGIE Fabricom and Tractebel for substation engineering, procurement, construction, and commissioning.
- Eneco Wind BelgiumcoreEneco Wind Belgium holds 12.5% stake in SeaMade NV and 50% share in Norther offshore wind farm. They are partners in the consortium pursuing Princess Elisabeth concessions.
- DEME GroupcoreDEME is a major shareholder and the primary construction partner. Through DEME Concessions Wind they hold equity, while DEME Offshore handles foundation installation, cable laying, and turbine installation using vessels Innovation and Apollo.
- Siemens Gamesa Renewable EnergycoreSupplies wind turbines for both Rentel (42 SWT 7.0-154) and SeaMade (58 SG 8.0-167) projects. Also provides operations and maintenance services during wind farm operations. Chartering the 'Groenewind' SOV for maintenance.
- Hellenic CablescoreDesigned, supplied, and installed submarine high voltage export cables for SeaMade project. Partnership with DEME Offshore for cable installation works.
- ENGIE FabricomcorePart of EPCI consortium (with Tractebel, Smulders, Geosea) for full engineering, procurement, construction, transport, installation, and commissioning of SeaMade's high voltage substations.
- TractebelcorePart of EPCI consortium for substations engineering and construction at SeaMade.
- SmulderscoreSupplied foundation transition pieces and substations for SeaMade and Rentel projects. Part of EPCI consortium.
- Elia System OperatorcoreBelgian transmission system operator that operates the Modular Offshore Grid (MOG) to which SeaMade and other offshore wind farms connect. Essential for grid integration.
- Dredging InternationalcoreDEME Group company responsible for design, supply, transport, and installation of foundations and infield cables for Rentel project.
- DEME OffshorecoreResponsible for cable installation using vessel 'Living Stone' and foundation installation using vessel 'Innovation' for SeaMade.
- ECO2050 CooperativeminorCitizens can invest in Rentel and SeaMade offshore wind farms through the ECO2050 cooperative. More than 5.7 million euros raised from more than 800 participants. Share price of 50.33 euros.
- Mott MacDonaldminorLender's technical advisor collaborating with Otary since early development and throughout construction of Rentel and SeaMade projects.
Scale indicators7 records
Recent moves6 records
Expansion highlights5 records
Otary competitors and assessment
Company assessmentBroad incumbents
- RWE Renewables: German utility with one of Europe's largest offshore wind portfolios and a long-term operating track record. Comparable to Otary in technology and customer base, though operating at materially larger scale and across multiple geographies.
- Vattenfall: Swedish state-owned utility with significant European offshore wind operations including major North Sea projects. Comparable to Otary as a regulated utility-backed offshore wind developer with European focus and government-concession model.
- Ørsted: Danish global leader in offshore wind development and operator of the world's largest offshore wind portfolio (>15 GW). Larger incumbent comparable to Otary in technology, target market (European offshore wind), and customer base (utilities/grid operators).
- Iberdrola (Avangrid / Iberdrola Renewables): Spanish global utility with one of the world's largest renewable energy portfolios, including significant offshore wind in the UK, US, and Germany. Comparable to Otary as a utility-backed offshore wind owner-operator with government-concession-driven development model.
Others
- DEME Group: Belgian marine engineering and dredging group that is both a major Otary shareholder and the primary EPCI contractor for Rentel and SeaMade (foundation, cable, turbine installation). Direct ecosystem participant — supplies the construction and offshore services that Otary depends on for project delivery.
Direct peers
- Parkwind: Belgian offshore wind developer and operator, founded in Antwerp, that developed the Northwind and Nobelwind farms and is a direct competitor for Belgian North Sea concessions including Princess Elisabeth. Highly comparable to Otary by geography, technology, and target customer.
- Northland Power: Canadian independent power producer with a portfolio of offshore wind farms including the Deutsche Bucht and Nordsee Ost projects in Germany, plus Gemini in the Netherlands. Closely comparable mid-sized offshore wind pure-play with similar asset ownership and long-term PPA structures.
- Ocean Winds: 50/50 joint venture between EDP Renewables and ENGIE focused exclusively on offshore wind. Holds 17.5% of SeaMade and is Otary's consortium partner for Princess Elisabeth. Highly comparable business model focused on offshore wind project development globally.
- C-Power: Belgium's first offshore wind farm operator, with ~325 MW of installed capacity on the Thornton Bank. C-Power is the most direct domestic peer to Otary in operating offshore wind assets and selling power to Elia. Otary's COO Geert De Waele was previously COO at C-Power.
- Eneco Wind Belgium: Dutch-Belgian utility and Otary's 12.5% partner in SeaMade and 50% partner in Norther offshore wind farm. Direct peer as a Belgian offshore wind owner-operator and consortium partner for Princess Elisabeth.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Otary social profiles
Digital presenceOtary financial estimates
Financial estimateRevenue estimate
Valuation estimate
Otary leadership team
Management profileNumber of profiles
Profiles5 records
Otary subsidiaries and ownership
Company hierarchySubsidiaries2 records
Otary funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Otary M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Otary
What does Otary do?
Otary develops, finances, builds, and manages offshore wind farms that generate renewable electrical energy from wind. Its operational portfolio comprises the Rentel wind farm (309 MW, 42 turbines) and the SeaMade wind farm (487 MW, 58 turbines), totaling approximately 800 MW of installed capacity in the Belgian North Sea. The company provides end-to-end services covering feasibility, permitting, financing, construction management, asset management, and operations during the 20–25 year life of each wind farm.
Is Otary a public or private company?
Otary is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Otary founded?
Otary was founded in 2011. It employs 11 to 50 people.
Where is Otary based?
Otary is headquartered in Oostende, Belgium, in the Europe region.
How does Otary make money?
One revenue line is on record: offshore Wind Energy Production and Sale.
Who are Otary's main competitors?
Broad incumbents on record are RWE Renewables, Vattenfall, Ørsted and Iberdrola (Avangrid / Iberdrola Renewables). DEME Group is listed as an others. Direct peers are Parkwind, Northland Power, Ocean Winds, C-Power and Eneco Wind Belgium.
Does Otary have an API?
No public API is recorded for Otary.
What industry is Otary in?
Otary's product category is Offshore Wind Energy. Its primary akta.pro industry code is EUACAFAB, Offshore Wind Power Generation (Fixed-Bottom), with a secondary code of EUACAFAE, Wind Farm Development & Permitting (Greenfield/Brownfield). Its NAICS code is 221115 and its SIC code is 4991.