Ocean Winds (OW) has completed the sale of a 20.25 per cent stake in the Îles d’Yeu and Noirmoutier offshore wind farm to Allianz Global Investors.
The transaction, which values the equity stake at €0.2 billion, implies an enterprise value per megawatt of €5.6 million.
Located off the coast of Vendée, France, the 500 MW facility comprises 61 Siemens Gamesa 8.2 MW turbines.
The project benefits from a 20-year fixed inflation-linked feed-in tariff (a taxpayer-funded subsidy), which the company said ensures "long-term revenue stability."
Construction is currently in its final stages, with first power generated in June 2025. More than two-thirds of the turbines have now been installed and are supplying electricity.
Following this transaction, the revised shareholder structure sees Ocean Winds retaining 40 per cent. The remaining stakes are held by Sumitomo (29.5 per cent), Allianz (20.25 per cent), Banque des Territoires (9.75 per cent), and Vendée Energie (0.5 per cent). Ocean Winds is a 50/50 joint venture between EDP Renováveis and Engie.