United Kingdom Offshore Wind: Total and GIG successful in securing seabed lease rights to jointly develop 1.5 GW offshore win...
February 08 2021 - 3:10AM
Dow Jones News
Regulatory News:
This press release features multimedia. View the full release
here: https://www.businesswire.com/news/home/20210207005046/en/
TOTAL SE (Paris:FP) (LSE:TTA) (NYSE:TOT)
A 50/50 joint venture between Macquarie's Green Investment Group
(GIG) and Total has been successful in securing rights to a seabed
lease in the Eastern Regions zone in the Crown Estate's Offshore
Wind Leasing Round 4.
The project, which will be located off the UK's East Anglian
coast, could deliver up to 1.5 gigawatts (GW) of renewable
electricity and represents a significant early stage investment in
the UK offshore wind sector for both companies.
It will also:
-- Support significant employment opportunities and play a critical role in
helping the UK meet its ambitious net zero target.
-- Enable the two partners to expand in the UK, which is Europe's most
mature market for offshore wind and provides steady growth perspectives
and a clear route-to-market.
Both GIG and Total are global renewable energy developers and
investors and bring significant expertise, technical capability,
and a track record in successful energy development to the project.
GIG has supported almost 50% of the UK's offshore wind capacity in
operation[1]. Total continues to build up a strong position in
offshore wind after its involvement in the 1.1 GW Seagreen project
off the east coast of Scotland and in Erebus, a 96 MW floating
offshore wind project in the Celtic Sea, leveraging its long
standing industrial activity in the UK.
GIG and Total are currently partnering in South Korea to
co-develop a major portfolio of floating offshore wind
projects.
"Total is delighted to have been awarded 1.5 GW as part of the
4(th) Round of offshore wind leases from The Crown Estate with our
partner GIG. We continue to support the energy transition goals of
the UK. This project is our largest renewables development in
Europe to date and an important step toward our 2050 net zero
ambition", said Julien Pouget, Senior Vice President Renewables at
Total. "This success builds on our historical expertise in the UK
offshore and is paving the way to expansion of our renewable energy
offering in the country in line with our strategy of becoming a
broad-energy company".
Mark Dooley, Global Head of Green Investment Group, said: "With
this investment, we're continuing our pioneering role in the UK's
energy transition, and helping to establish offshore wind as the
backbone of its new low-carbon energy system. Building on our track
record as one of the country's largest funders of offshore wind,
this represents a significant increase in our commitment to the
UK's offshore wind sector. This adds to our growing portfolio of
renewable developments in Europe and grows our global offshore wind
development portfolio to over 13 GW."
Total and GIG were awarded this lease for an annual option fee
of GBP83k per MW/year, during the development phase. There will now
be a Habitat Regulations Assessment (HRA) of the possible impact of
the project on relevant nature conservation sites in the allotted
area. Following successful conclusion of that process the final
agreements for lease will be signed sometime in 2022.
Total, renewables and electricity
As part of its ambition to get to net zero by 2050, Total is
building a portfolio of activities in renewables and electricity
that could account for up to 40 % of its sales by 2050. At the end
of 2020, Total's gross power generation capacity worldwide was
around 12 GW, including close to 7 GW of renewable energy. With the
objective of reaching 35 GW of production capacity from renewable
sources by 2025, Total will continue to expand its business to
become one of the world leaders in renewable energies.
About Green Investment Group
Macquarie's Green Investment Group (GIG) is a specialist in
green infrastructure principal investment, project development and
delivery, green impact advisory and the management of portfolio
assets. Its track record, expertise and capability make it a global
leader in green investment and development, dedicated to
accelerating the green transition. For more information, visit
greeninvestmentgroup.com and macquarie.com.
* * * * *
About Total
Total is a broad energy company that produces and markets fuels,
natural gas and electricity. Our 100,000 employees are committed to
better energy that is more affordable, more reliable, cleaner and
accessible to as many people as possible. Active in more than 130
countries, our ambition is to become the responsible energy
major.
Cautionary note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL SE directly or indirectly owns investments are separate legal
entities. TOTAL SE has no liability for their acts or omissions. In
this document, the terms "Total", "Total Group" and Group are
sometimes used for convenience. Likewise, the words "we", "us" and
"our" may also be used to refer to subsidiaries in general or to
those who work for them.
This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL SE nor any of
its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210207005046/en/
CONTACT: Macquarie/GIG Contacts
Tel: +44 20 3037 4014
Email: mediaEMEA@macquarie.com
Total Contacts
Media Relations: +33 1 47 44 46 99 l presse@total.com l
@TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
SOURCE: TOTAL
Copyright Business Wire 2021
(END) Dow Jones Newswires
February 08, 2021 02:55 ET (07:55 GMT)
TOTAL (NYSE:TOT)
Historical Stock Chart
From May 2024 to Jun 2024
TOTAL (NYSE:TOT)
Historical Stock Chart
From Jun 2023 to Jun 2024