SSE Renewables and Acciona have signed an exclusivity agreement to form a joint venture targeting opportunities in the emerging Iberian offshore wind market.

The 50:50 joint venture will develop, construct and operate offshore wind, as well as other renewables in Spain and Portugal.

Spain and Portugal have both set net zero emissions targets for 2050 and are two of the leading countries in Europe for renewable energy in terms of capacity built to date and ambitions for the future.

The Spanish Government is expected to publish an offshore wind strategy this year.

The exclusivity agreement between SSE Renewables and Acciona also includes scope to jointly explore other offshore wind markets beyond Spain and Portugal.

SSE Renewables managing director Jim Smith said: “I am delighted to be entering into this exclusivity agreement with Acciona.

“Partnering with a well-established Spanish renewable developer will enable SSE Renewables to bring its offshore wind expertise to help Spain and Portugal achieve their ambition to reach carbon neutrality by 2050.

“It also demonstrates our intent to build our strong wind energy pipeline beyond the UK and Ireland.”

Acciona CEO Rafael Mateo added: “After successfully developing a leading global position in onshore wind and photovoltaic technologies, a partnership with SSE Renewables will allow us to accelerate our entry into the offshore wind market, where we also see great potential.

“It is a natural step forward in our strategy of providing the best possible alternatives for clients looking for clean energy solutions.”