TotalEnergies has applied for authorization of France’s biggest renewables project, a 1.5-GW offshore wind project off Normandy, which is estimated to cost $5.2 billion, the French supermajor said on Thursday.
Eight months after the French government awarded the project to TotalEnergies, the group’s wholly-owned project company Centre Manche Energies has officially applied for the Single Authorization of the 1.5 GW offshore wind farm, which will be located about 40 km (25 miles) off the coast of Normandy.
The application includes technical and environmental surveys, a preliminary design for the wind farm, and the planned installation program.
Once built, the 1.5-gigawatt project will generate around 6 terawatt (TWh) per year, enough to supply green electricity to power more than one million French homes, TotalEnergies said in a statement.
The French energy giant expects investment in the project to be about 4.5 billion euros, or $5.2 billion. The three-year construction phase is set to employ up to 2,500 people, bringing economic benefits to the region.
TotalEnergies intends to focus sourcing on European suppliers, particularly for wind turbines and electric cables, the French supermajor said, as the EU is increasingly looking to protect the local clean energy industry from Chinese competition.
The next step in the project’s execution will be the permitting process and government review of the assessment and application.
Centre Manche Energies will simultaneously pursue consultation with local officials, environmental organizations, seafarers, and the public to ensure the project is well integrated into the region’s economy and community, TotalEnergies said.
Unlike other European majors such as BP and Shell, which have outright reduced spending on renewables, TotalEnergies has been developing a global renewable energy portfolio for years, and has a strategy to reach a 12% profitability target for its Integrated Power business.
This means that TotalEnergies would typically divest up to 50% of its renewable assets once they reach commercial operation date (COD) and are de-risked, which allows it “to maximize asset value and manage risks.”
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com
- US Crude, Gasoline Inventories Continue to Sink
- U.S.-Iran Deal Delayed as Trump Refuses to “Rush” Agreement
- High Freight Costs Force Asian Buyers to Cancel U.S. LPG Cargoes
