Total Enters Into a Giant Offshore Wind Farm Project in Scottish North Sea
03 Giugno 2020 - 5:11PM
Dow Jones News
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has entered into an
agreement with SSE Renewables, to acquire a 51% stake in the
Seagreen 1 offshore wind farm project for an upfront payment at
closing of 70mGBP and earn-outs up to 60mGBP in aggregate subject
to performance conditions. The 1,140 megawatts (MW) project has
reached simultaneously a final investment decision and financial
close. The purchase agreement also covers a potential extension
opportunity of up to 360 MW.
Located 27 kilometers from the coastline in Scottish waters of
UK North Sea, Seagreen 1 has secured all necessary major permits
and onshore construction began in Q1 2020. Designed to cover the
energy needs of around 1 million homes, the project will start
producing renewable electricity from end of 2022. Once completed,
it will be Scotland's largest offshore wind farm. The project
represents a global investment of around 3.7 B$. Total has secured
close to 70% of external financing for its 51% stake.
"Total builds up a strong position in the world's largest
offshore wind market, as it becomes a majority stakeholder in the
Seagreen 1 project, one of the largest offshore wind farms in the
UK North Sea. This move represents a major change of scale for
Total's offshore wind activity in line with our strategy of
profitable growth in renewables and low carbon electricity," said
Patrick Pouyanné, Chairman & CEO of Total. "As one of the main
actors in the UK energy sector, Total will leverage its extensive
expertise in offshore operations and maintenance to contribute to
the success of the project alongside country's leading offshore
wind developer, SSE Renewables".
"We are delighted to be partnering with Total to deliver
Scotland's largest offshore wind farm, Seagreen, which will make a
significant contribution to the UK's green recovery from
coronavirus by unlocking GBP3bn of low carbon investment and
generating the low carbon power we need to reach net zero. Today's
announcement is the result of great efforts by both teams to
successfully complete this transaction in the current challenging
circumstances. Total's extensive global experience in the offshore
environment combined with their clear ambition to contribute to the
development of renewable energy worldwide is a strong fit with SSE
Renewables' strategic objective to treble our renewable output by
2030", said SSE's Chief Executive, Alistair Phillip-Davies.
Seagreen 1 benefits from a 15-year CfD (Contract for Difference)
awarded by the UK Government for 454 MW, representing 42% of the
total project capacity. An additional 30% of the project capacities
will also be contracted under a private CfD with the SSE Group.
Both contracts contribute to securing project revenues.
The transaction remains subject to conditions precedent,
including public authorities approval and should be finalized by
July 2020.
Total and Low-Carbon Electricity
Total integrates climate change into its strategy, and is
staying ahead of new energy market trends by building a portfolio
of activities in low-carbon electricity that could account for up
to 40% of its sales by 2050. Today, Total's gross low-carbon power
generation capacity worldwide is currently close to 9 gigawatts,
including 5 gigawatts from renewable energies.
Total targets 25 GW of a renewable generation capacity in 2025
and will continue to expand its business to become a leading
international player in renewable energies.
About Total
Total is a broad energy Group, which produces and markets fuels,
natural gas and low-carbon electricity. Our 100,000 employees are
committed to better energy that is safer, more affordable, cleaner
and accessible to as many people as possible. Active in more than
130 countries, our ambition is to become the responsible energy
major.
* * * * *
Cautionary Note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms "Total", "Total Group" and
Group are sometimes used for convenience. Likewise, the words "we",
"us" and "our" may also be used to refer to subsidiaries in general
or to those who work for them.
This document may contain forward-looking information and
statements that are based on a number of 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 TOTAL S.A. nor any of
its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
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CONTACT:
Total
Media Relations: +33 1 47 44 46 99 l presse@total.com l
@TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
SOURCE: Total
Copyright Business Wire 2020
(END) Dow Jones Newswires
June 03, 2020 10:56 ET (14:56 GMT)
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