Wave energy is one of the most promising alternatives to fossil fuels due to the enormous available resource; however, its development may be slowed as it is often regarded as uneconomical. The largest cost reductions are expected to be obtained through economies of scale and technological progress. In this sense, the incorporation of wave energy systems into offshore wind energy farms is an opportunity to foster the development of wave energy. The synergies between both renewables can be realised through these co-located energy farms and, thus, some challenges of offshore wind energy can be met. Among them, this paper focuses on the longer non-operational periods of offshore wind turbines—relative to their onshore counterparts—typically caused by delays in maintenance due to the harsh marine conditions. Co-located wave energy converters would act as a barrier extracting energy from the waves and resulting in a shielding effect over the wind farm. On this basis, the aim of this paper is to analyse wave energy economics in a holistic way, as well as the synergies between wave and offshore wind energy, focusing on the shadow effect and the associated increase in the accessibility to the wind turbines.