By Nathan Allen 
 

France's President Emmanuel Macron said Wednesday that he has approved six offshore wind projects slated for development by Electricite de France SA (EDF.FR), Engie SA (ENGI.FR) and Iberdrola SA (IBE.MC) following a renegotiation of subsidies the operators will receive.

The future of the projects was uncertain after France's government proposed earlier this year to renegotiate and possibly cancel the projects, which were awarded in tenders held in 2012 and 2014.

"We are going to bring renewable energy quicker and more cheaply: the projects are confirmed, their public subsidy has been reduced by 40%," Mr. Macron said on Twitter.

The operators will now receive around 150 euros ($173.79) per megawatt hour compared with the initial agreed price of EUR200 per megawatt hour, according to a tweet from France's minister for ecology, Nicolas Hulot.

EDF and Engie both said they welcomed the decision and that it would help spur job creation in the offshore wind sector.

"This wind-generation capacity is necessary for France's energy transition and for meeting its commitments in the fight against climate change," Engie said in a statement.

 

Write to Nathan Allen at nathan.allen@dowjones.com

 

(END) Dow Jones Newswires

June 20, 2018 11:26 ET (15:26 GMT)

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