PARIS & ABERDEEN, Scotland–(BUSINESS WIRE)–Regulatory news:
The joint venture between TotalEnergies (38.25%) (Paris:TTE) (LSE:TTE) (NYSE:TTE), Macquarie’s Green Investment Group (GIG) (46.75%) and RIDG (15%), Scottish developer offshore wind farm, has successfully secured the rights in the N1 area to develop a 2 GW offshore wind farm project under the ScotWind leasing round. The West of Orkney Windfarm will be located 30km off the west coast of Orkney in Scotland.
This project, which aims to start producing renewable energy by 2030, potentially represents more than £4 billion of investment.
As part of this development, the partners will unlock a £140 million initiative to support local supply chain development, including improvements to ports and port infrastructure in Orkney and Caithness. This will ensure high levels of local content and actively promote employment and innovation in the region.
The consortium has already undertaken in-depth investigations on the site, particularly in terms of the environment, to ensure that the project fully meets its sustainable development objectives. The consortium has also finalized a grid connection agreement with National Grid.
Once built, the wind farm could also supply renewable energy to the Flotta Hydrogen Hub, a planned large-scale green hydrogen production facility in Orkney.
Patrick Pouyanné, Chairman and CEO of TotalEnergies said: “We are very proud to have secured lease rights from Crown Estate Scotland to develop this offshore wind farm, TotalEnergies’ largest renewable energy project in Europe to date. This project, which will complement our traditional activities in Scotland, is a perfect example of the transformation of our Company. We will source all of our resources from our new UK offshore wind hub in Aberdeen, which will draw on the expertise and supply chain of our oil and gas operations and Scottish industry, all in close collaboration with local communities. This project once again demonstrates our commitment to the sustainable development of offshore wind and will contribute to our goal of reaching 100 GW of renewable generation capacity by 2030.”
The West of Orkney Windfarm is TotalEnergies’ fourth major offshore wind project in the UK since 2020. The Company now has interests in projects of around 5GW of potential capacity under development and construction in the UK. UK. These projects will see the light of day between 2023 and 2030.
Mark Dooley, Global Head of GIG, said: “We are a long-standing investor in the offshore wind sector in the UK, with an established Scottish footprint – and we are delighted that our commitment to these markets has been recognised. We believe this option agreement will be truly transformative. across the Scottish economy, unlocking new ways to accelerate the transition to Net Zero and creating hundreds of green jobs. We look forward to working with our stakeholders and all successful bidders to seize this new opportunity. for Scotland.
To date, Macquarie and GIG have supported over half of the UK’s offshore wind generation capacity in operation. GIG has invested in over 30 green energy projects in Scotland, supporting hundreds of sustainable Scottish jobs.
Mike Hay, Director of RIDG, said: “It is fantastic that Crown Estate Scotland shares our vision for the West Orkney Wind Farm, a project which has been designed specifically around this location to benefit local communities, transition Scottish oil and gas workers to renewable energy and act as a catalyst for supply chain growth.Since submitting our bid, we have continued to advance development and supply chain activities to ensure we meet the targets therein. are defined and to maximize the economic opportunities of offshore wind and green hydrogen expansion in Scotland.
About Macquarie’s Green Investment Group
Macquarie’s Green Investment Group (GIG) specializes in primary green infrastructure investment, project development and delivery, environmental impact advice and portfolio asset management. Its track record, expertise and capabilities make it a global leader in green investment and development, dedicated to accelerating the green transition. In April 2022, GIG will operate as part of Macquarie Asset Management (MAM). This move will bring together leading expertise in the energy transition market and connect GIG to capital from the world’s largest investors to accelerate the green transition and deliver a net zero future.
TotalEnergies and offshore wind power
TotalEnergies is already developing a portfolio of offshore wind projects with a total capacity of more than 6 GW, of which 2/3 bottom-fix and 1/3 floating. These projects are located in the United Kingdom (Seagreen, Outer Dowsing, Erebus project), South Korea (Bada project), Taiwan (Yunlin project) and France (Eolmed project). The Company has also been qualified to participate in tenders in the United States, United Kingdom and France and will also participate in a tender in Norway.
TotalEnergies and renewable electricity
As part of its ambition to reach net zero by 2050, TotalEnergies is building a portfolio of activities in renewable energies and electricity. At the end of 2021, TotalEnergies’ gross renewable electricity production capacity was over 10 GW. TotalEnergies will continue to develop this activity to reach 35 GW of gross production capacity from renewable sources and storage by 2025, then 100 GW by 2030 with the objective of being among the top 5 world producers of electricity from wind and solar sources.
TotalEnergies is a major energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewable energies and electricity. Our 105,000 employees are committed to energy that is ever more affordable, clean, reliable and accessible to as many people as possible. Present in more than 130 countries, TotalEnergies places sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
RIDG – Renewable Infrastructure Development Group – was established as an independent, specialist offshore wind project development company with the knowledge and experience to identify, design and deliver high quality assets agreed for strategic partners to build and exploit.
RIDG introduces a simpler, leaner, and more flexible approach to project development that leverages the strengths of established and emerging vendors to deliver projects safely, efficiently, and cost-effectively.
This press release, from which no legal consequences can be drawn, is purely informative. Entities in which TotalEnergies SE directly or indirectly holds interests are separate legal entities. In this document, the terms “TotalEnergies”, “TotalEnergies “Company” and “Company” are sometimes used for convenience. Similarly, the words “we”, “us” and “our” may also be used to refer to affiliates in general or those who work for them. This document may contain forward-looking information and statements based on certain 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 TotalEnergies SE nor any of its subsidiaries undertakes any obligation to publicly update any forward-looking information or statements, objectives or trends contained herein, whether as a result of new information, future events or others.