The Elia Group has approved the establishment of a new subsidiary WindGrid for the development of the offshore wind sector.
The company informed that the latest development comes as a response to the significant investments expected to be made in the offshore grid and the generation of renewable energies.
Renewable energy has boomed in Europe and it continued to book in other markets as well over the next few years.
According to the Elia Group, the founding of WindGrid is a "logical step in the further expansion of the Group, which aims to establish itself as an international energy company."
Through its subsidiaries Elia and 50Hertz, the Elia Group has been engaged in development, construction, connection and operation of offshore power grids. Besides, it has carried out large projects in both the North Sea and the Baltic Sea.
The company informed that with WindGrid, major investments are planned for the development of offshore power grids in Europe and beyond.
Elia Group chief executive Chris Peeters remarked, "WindGrid will be a reliable partner for governments that want to proactively build offshore grid infrastructure and for renewable energy project developers looking for solutions to safely connect and integrate their offshore energy projects to the onshore power grids."
He further stated that WindGrid will make a significant contribution to accelerating the energy transition.
To be noted, the European Commission has targeted to increase the current offshore wind capacity to 60GW by 2030 and 300GW by 2050.