Total and GIG to develop offshore wind project
Published by Sarah Smith,
Assistant Editor
Energy Global,
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 GW of renewable electricity and represents a significant early stage investment in the UK offshore wind sector for both companies.
In addition, it will support significant employment opportunities and play a critical role in helping the UK meet its ambitious net zero target. It will also 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. 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 and GIG were awarded this lease for an annual option fee of £83 000 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.
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.
For more news and technical articles from the global renewable industry read our latest issue of Energy Global magazine.
Energy Global’s Winter 2020 issue
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Read the article online at: https://www.energyglobal.com/wind/08022021/total-and-gig-to-develop-offshore-wind-project/
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