TotalEnergies Gets Offshore Wind Lease From Germany
By Pierre Bertrand
TotalEnergies, through its shareholding in Offshore Wind One, was awarded a maritime lease in the North Sea to develop 1.5 gigawatts of wind energy.
The concession, granted to Offshore Wind One by Germany after auction is around 120 kilometers, or 75 miles, northwest of the German archipelago of Heligoland. It covers an area of around 156 square kilometers, or around 60.2 square miles.
The award paves the way for the French energy company to build a 3.5 gigawatt offshore wind hub in the German North Sea, it said.
The concession will last for 25 years and is extendable to 35 years, TotalEnergies said.
Offshore Wind One will pay the German government 196 million euros ($209.7 million), which will spent on marine conservation and environmentally-friendly fishing, the company said. Upon commissioning, it will also pay EUR88 million annually for 20 years to the electricity transmission system operator connecting the wind farm.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
June 21, 2024 09:33 ET (13:33 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks