Total (Paris:FP) (LSE:TTA) (NYSE:TOT) positions itself on the floating offshore wind segment in line with its strategy to develop renewable energy.
The Group has signed an agreement with the developer Simply Blue Energy to acquire 80% stake in the pioneering floating wind project Erebus located in the Celtic Sea, in Wales. The project will have a 96 megawatts capacity and will be installed in an area with water depth of 70 meters. This makes Total one of the first movers in this technology in the UK, the world’s largest offshore wind market.
While offshore wind has so far mainly developed in shallow water depths based on fixed bottom technology, floating wind offshore is set for strong growth in the years to come. This emerging technology has wide potential, opening access to sites further offshore, which have less impact on the landscape, and benefit from very high wind resources.
“With its entry into floating offshore wind, Total confirms its ambition to contribute to the development of renewable energy worldwide. Floating offshore wind is an extremely promising and technical segment where Total brings its extensive expertise in offshore operations & maintenance. Total has the appropriate skills to meet the technological and financial requirements that determine the success of future floating offshore developments,” said Patrick Pouyanné, Chairman & CEO of Total.
Total and Low-Carbon Electricity
Total has integrated climate change into its strategy, and is staying ahead of new energy market trends by building a portfolio of low-carbon businesses that could account for 15 to 20% of its sales by 2040. Total’s gross low-carbon power generation capacity worldwide is currently close to 7 gigawatts, including 3 gigawatts from renewable energies.