Iles d'Yeu et de Noirmoutier

ENGIE and EDPR signed an alliance with Sumitomo Corporation for the development of two French offshore wind projects: Dieppe-Le Tréport and Îles d'Yeu et de Noirmoutier. As part of this alliance, EDPR sold 13.5% stakes in each of the two projects to Sumitomo. The combined reported consideration was approximately EUR 42.8 million across both projects (EUR ~21.4m per project, pro-rata by capacity). Post-transaction ownership of Îles d'Yeu et Noirmoutier: ENGIE 31%, EDPR 29.5%, Sumitomo 29.5%, Banque des Territoires 10%. The project structure was held via Eoliennes en Mer des Îles d'Yeu et de Noirmoutier (EMYN). The EUR 42.8m figure was reported by Renewables Now and covers both projects combined; per-project split is estimated pro-rata and is approximate. Vendée Energie subsequently acquired a small capital participation in October 2022.

Ocean Winds sold a 20.25% stake in the îles d'Yeu & Noirmoutier offshore wind farm to Allianz Global Investors for an equity value of EUR 200 million. The implied enterprise value is EUR 5.6 million per MW (EUR 2,731m at 100% implied equity basis), however the EUR 200m / 20.25% implies an equity value of EUR 988m at 100%, which translates to EUR 2,025k/MW at 488 MW — consistent with the operational range. Allianz cited the project's 20-year fixed inflation-linked feed-in tariff as a key investment rationale. First power was generated in June 2025 and the project was in ramp-up at announcement. The deal was announced October 21, 2025 and completed December 22, 2025. Post-transaction ownership: Ocean Winds 40%, Sumitomo 29.5%, Allianz GI 20.25%, Banque des Territoires 9.75%, Vendée Energie 0.5%. The EV/MW figure of EUR 5.6m/MW cited in press releases uses enterprise value (including project debt) rather than equity value; the equity-only implied value per MW shown here uses the pure equity calculation (EUR 200m / 20.25% = EUR 988m equity, divided by 488 MW).