Ocean Winds

Ocean Winds’ corporate vision refers to “innovating toward a carbon-neutral world.” However, its 2024 Non-Financial Information Statement explicitly states that the company does not currently have formal greenhouse-gas emissions-reduction targets and is still assessing the adoption of medium- and long-term targets. No dated Ocean Winds-level net-zero target, defined Scope 1, 3 boundary, 1.5°C-aligned pathway or Ocean Winds-specific SBTi validation was identified. The climate targets of Ocean Winds’ shareholders, EDPR and ENGIE, are not treated as Ocean Winds targets unless they are formally adopted by the joint venture.

Ocean Winds does not disclose a quantified corporate emissions-reduction target for 2030 or 2035 supported by a baseline, percentage reduction or absolute emissions ceiling. The 2024 NFIS states that medium- and long-term emissions targets are still being assessed but provides no interim milestone. Offshore-wind capacity growth and project-level avoided-emissions estimates represent renewable-energy growth and climate-impact indicators rather than a corporate decarbonisation target for Ocean Winds’ own emissions.

Ocean Winds reports only a partial operational-office greenhouse-gas footprint. Scope 2 emissions were 44.69 tCO₂e in 2024, compared with 22.56 tCO₂e in 2023 and 17.57 tCO₂e in 2022. Scope 1 is not reported for the included offices because the NFIS states that only electricity was consumed at those locations; this should not be interpreted as a verified Group-wide Scope 1 value of zero. No Scope 3 inventory or category-level breakdown is disclosed. The 2024 footprint covers offices in Spain, Portugal and South Korea, whereas earlier years primarily covered Spain, meaning that the series is neither complete nor fully comparable at Group level.

Ocean Winds has a clearly quantified offshore-wind growth profile. Its current official portfolio information reports 1.5 GW in operation, 2.3 GW under construction and 17.6 GW under development, representing approximately 21 GW of gross offshore-wind capacity. The current 3.8 GW operating-and-under-construction portfolio falls within the 3, 4 GW objective stated in the 2024 NFIS for 2025, while the development portfolio exceeds the stated objective of 15, 17 GW in advanced development. Because the current portfolio page reflects the 2026 position, it demonstrates that the portfolio has reached the target range but does not, by itself, prove that the target was achieved by 31 December 2025. The portfolio is entirely offshore wind and includes both fixed-bottom and floating projects across Europe, the Americas and Asia-Pacific.

Ocean Winds does not disclose a comparable current generation or lifecycle emissions-intensity KPI, such as gCO₂e/kWh. Official project sources provide avoided-emissions estimates, including approximately 33,000 tonnes of CO₂ annually for WindFloat Atlantic and more than 700,000 tonnes annually for SeaMade. However, avoided emissions measure estimated emissions displaced by renewable generation and are not equivalent to Ocean Winds’ own operational, generation or lifecycle carbon intensity. They therefore cannot be used to score this metric.

Ocean Winds does not disclose a consistent corporate greenhouse-gas baseline or an absolute Scope 1, 2 or Scope 1, 3 emissions-reduction trajectory. Reported Scope 2 emissions increased from 17.57 tCO₂e in 2022 to 44.69 tCO₂e in 2024, but the reporting boundary expanded from mainly Spain to Spain, Portugal and South Korea. The reported series therefore cannot be used as a like-for-like measure of emissions performance. Growth in renewable-electricity generation and project-level avoided emissions demonstrates climate contribution but does not evidence a reduction in Ocean Winds’ own absolute corporate emissions.

The 2024 NFIS refers to the European Taxonomy for Sustainable Activities as part of the sustainable-finance and regulatory context. It explains the concepts of substantial contribution, do no significant harm and minimum social safeguards. However, Ocean Winds does not disclose company-level Article 8 eligibility or alignment percentages for turnover, CapEx or OpEx. Project-level evidence, such as the European Investment Bank’s €600 million financing of the 390 MW BC-Wind project under InvestEU and REPowerEU, supports the regulatory and sustainable-finance credentials of individual projects but is not a substitute for corporate EU Taxonomy KPI disclosure. Under the current rubric, this constitutes a reference to the Taxonomy without company-level metrics and therefore receives 1 point rather than 0.

Ocean Winds reports 0.94 ML of water consumption in 2024 for offices and facilities in Spain and Portugal. This figure does not represent the company’s complete global project water footprint. The NFIS reports no monetary or non-monetary environmental fines or sanctions. Moray West recorded construction-phase piling-noise exceedances, which were reported to the relevant regulator; following review, the Marine Directorate concluded that no further action was required. Ocean Winds also applies environmental-impact assessments, monitoring programmes and project-specific mitigation requirements, although the quantitative water and compliance data do not cover the entire global portfolio.

Ocean Winds provides strong evidence for multiple operating offshore-wind assets, including capacity, operating status, ownership and project-level sustainability initiatives. Moray East has 950 MW of installed capacity, with 900 MW of contracted output, and has been generating electricity since April 2022; Ocean Winds holds a 40% interest and continues as operator. SeaMade is a 487 MW joint venture operating since 2020. WindFloat Atlantic is a 25 MW floating offshore-wind project operating since 2020, with Ocean Winds acting as majority owner, developer and operator. Moray West is an 882 MW project that reached full power in April 2025; Ignitis holds 5%, confirming Ocean Winds’ 95% ownership. Yeu-Noirmoutier, a 488 MW joint venture, entered full operation on 29 April 2026, while the 30 MW EFGL project generated first power on 4 May 2026. Named sustainability initiatives include WindFloat Atlantic’s biodiversity-monitoring programme, Moray West’s low-noise UXO-clearance approach, Yeu-Noirmoutier’s DELTAMAR cable-protection pilot and EFGL’s Biohuts.

Ocean Winds provides strong and comprehensive project-level marine-ecology evidence. The WindFloat Atlantic monitoring programme uses a multi-year control, impact methodology covering plankton, fish, octopus, nektobenthic invertebrates, platform colonisation, marine mammals, seabirds, bats, water quality and underwater noise. The 2026 study found no evidence of broad disruption to ecosystem functioning, while fish and octopus abundance and biomass were higher within the fishing-exclusion area and the floating structures produced a local reef effect. The study also transparently disclosed potential risks, including the presence of non-native species and species-specific findings relating to harbour porpoises and seabird collision exposure. Additional project measures include 32 Biohuts installed at EFGL, real-time acoustic and visual marine-mammal monitoring, construction-noise limits in France, bird and bat detection, Moray West’s low-order UXO deflagration technique and project-specific fisheries-coexistence measures.

Ocean Winds applies an avoid, minimise, restore, offset mitigation hierarchy, participates in biodiversity research and is listed as a signatory to the UN Global Compact Sustainable Ocean Principles. Project-level evidence includes EFGL’s nature-inclusive design, WindFloat Atlantic’s observed reef and refuge effects, the Connexstere biodiversity-structures research project and collaborations with scientific and environmental organisations. However, no time-bound Group-wide nature-positive, biodiversity-net-gain or no-net-loss target supported by measurable corporate KPIs was identified. Ocean Winds therefore demonstrates a biodiversity ambition and management framework, but not a formal corporate nature-positive target.

Ocean Winds discloses a general circular-economy approach and states that environmental restoration is prioritised when projects are dismantled or repowered. Offshore-specific examples include LincBioMer, which develops biodegradable fishing equipment intended to reduce marine plastic pollution and ghost fishing, and DELTAMAR, which tests the reuse of Basic Oxygen Furnace steelmaking slag as an alternative to concrete or quarried rock for subsea cable protection. These are relevant circular-material initiatives. However, Ocean Winds does not disclose a turbine-blade or composite-material recycling target, a landfill-ban policy, permanent-magnet recovery commitments, quantitative decommissioning KPIs or asset-level end-of-life performance data. The NFIS also acknowledges that total renewable and non-renewable material inputs are not yet comprehensively tracked.

Ocean Winds provides a relevant offshore-wind project example through the DELTAMAR initiative at Yeu-Noirmoutier. The project tests Basic Oxygen Furnace slag, a steelmaking by-product, as a potentially lower-carbon alternative to concrete or quarried rock for subsea cable protection. Ocean Winds reports that two years of chemical, sediment and biological monitoring found no harmful ecosystem impact. Its French project disclosures also refer to eco-designed cable-protection solutions intended to reduce reliance on more carbon-intensive materials. However, the company does not quantify the embodied-carbon reduction achieved, disclose a Group-level procurement share, establish low-carbon steel or green-concrete targets, or publish project-level embodied-carbon KPIs. A score of 3 is consistent with the current rubric, which permits this level where embodied carbon is addressed through one or two project examples but lacks quantified procurement commitments.

Ocean Winds has a documented supplier-governance framework. Its Supplier Code of Conduct applies to suppliers and subcontractors and covers ethics, human rights, environmental sustainability, health and safety, anti-corruption and whistleblowing. Procurement processes include an HSEQ questionnaire and due diligence covering sector, reputational risk, human rights, sanctions and pending litigation. Potential suppliers receive an A-to-D risk rating that influences the level of additional due diligence required. Contracts exceeding €10 million, or involving suppliers identified as higher risk, are reviewed by a cross-functional legal, commercial and technical committee whose members were not involved in the contracting process. Ocean Winds also developed a supplier-performance assessment framework for implementation from 2025. Project-level evidence includes 95% European Tier 1 suppliers and more than 50% French sourcing at Yeu-Noirmoutier, approximately 85% French-based direct suppliers and more than 99% European suppliers at EFGL, a Polish Tier 1 offshore-substation supplier for BC-Wind and UK manufacturing commitments at Moray West. However, Group-wide screening coverage, audit numbers, non-conformities and corrective-action outcomes are not disclosed.

Ocean Winds’ 2024 NFIS received independent limited assurance from Deloitte under the applicable Spanish non-financial reporting framework. Deloitte issued a qualified conclusion because certain quantitatively significant countries and indicators were outside the reporting or assurance scope. Ocean Winds also holds ISO 9001, ISO 14001 and ISO 45001 certifications issued following external Bureau Veritas audits and is a signatory to the UN Global Compact Sustainable Ocean Principles. No publicly verifiable Ocean Winds-specific SBTi-validated target or top-tier CDP, MSCI, Sustainalytics or EcoVadis rating was identified in the reviewed sources; this does not rule out the existence of private or unpublished assessments. Under the current rubric, independent assurance without an additional strong publicly verifiable external rating supports a score of 3. Final score Pillar Score Future Commitments 11.0 / 30 Environmental Action 25.2 / 45 Governance & Accountability 13.0 / 25 Total 49.2 / 100, Limited