Fécamp, France';s First Offshore Wind Farm in Normandy, is Now Fully Operational
On May 15, 2024, EDF Renewables, along with partners Enbridge, CPP Investments, and Skyborn, inaugurated the 497 MW Fécamp Offshore Wind Farm in Normandy, France. This wind farm, located 13-24 km off the northern coast, is set to supply low-carbon electricity to nearly 770,000 people, covering 60% of the Seine-Maritime region's annual electricity needs. This project is part of France's goal to achieve a 33% share of renewable energy by 2030. The wind farm, which has been progressively connected to the national grid, represents a €2 billion investment and has created around 3,000 jobs during its construction phase.
- Inauguration of a 497 MW offshore wind farm in Normandy.
- Project supports France's goal of 33% renewable energy by 2030.
- Wind farm to supply electricity to 770,000 people.
- Project represents a €2 billion investment.
- Created about 3,000 jobs in the Normandy region.
- Partnership with key players like EDF, Enbridge, CPP Investments, and Skyborn.
- Continuation of multiple offshore wind projects in France by Enbridge.
- Successful completion marks a significant milestone for Enbridge and partners.
- Maintenance base provides around 100 local jobs for operational tasks.
- No specific financial data indicating immediate revenue impact for Enbridge.
- Potential risks associated with long-term environmental monitoring and stakeholder cooperation.
- Initial costs and large capital investment may impact short-term financials.
Insights
The inauguration of the Fécamp Offshore Wind Farm is a significant milestone in France's energy transition, emphasizing the country’s commitment to increasing its renewable energy share to
For retail investors, the successful completion of this project indicates strong project management capabilities and synergies among the stakeholders. It also highlights the growing importance and viability of offshore wind as a key component of the global energy mix. The involvement of major players like Enbridge and CPP Investments suggests that there is substantial capital backing for such large-scale renewable projects, which is promising for future growth.
Moreover, this project’s development has created significant local economic benefits by generating around 3,000 jobs in Normandy. This should be seen as a long-term positive for regional economic stability and as an indicator of potential political support for future projects.
The full operation of the Fécamp Offshore Wind Farm marks a notable advancement in sustainable energy initiatives. The project is an excellent example of how renewable energy projects can contribute to both environmental goals and local economies. By supplying low-carbon electricity to approximately 770,000 people, the project mitigates carbon emissions significantly, aligning with global decarbonization goals.
From an economic perspective, the project represents an investment of about
Investors should note the strategic importance of these projects. They reflect a commitment to sustainable development that can enhance the social license to operate and potentially lead to more favorable regulatory environments. The alignment with local stakeholders and environmental considerations during the project’s development is important for minimizing opposition and ensuring smooth project execution.
The Fécamp Offshore Wind Farm's completion is a considerable achievement for the involved companies, particularly EDF, Enbridge, CPP Investments and Skyborn. This project solidifies their positions as leaders in the renewable energy sector. From a financial perspective, the €2 billion investment underscores a robust commitment to capital-intensive, long-term infrastructure projects capable of generating stable returns over the project's lifecycle.
For retail investors, it's important to understand that offshore wind projects typically have high upfront costs but offer predictable revenue streams once operational, due to long-term power purchase agreements (PPAs) with utilities. Such agreements can provide stable cash flows, which are attractive in an environment of interest rate uncertainty and inflation. The project's scale and the credibility of the partners involved further enhance its attractiveness as a long-term investment.
Additionally, the success in completing the Fécamp Offshore Wind Farm boosts investor confidence in the partners' ability to manage large-scale projects, which can positively influence their stock prices. The fact that this project follows the successful Saint-Nazaire project indicates a strong track record, making future projects more likely to draw investor interest and backing.
FÉCAMP,
From the production of its first megawatt-hour in July 2023, to the installation of the 71st wind turbine, the Fécamp Offshore Wind Farm has been progressively connected to the national grid. Today, it can supply nearly 770, 000 people with low-carbon electricity, equivalent to about
Matthew Akman, Executive Vice President Corporate Strategy and President, Power, Enbridge Inc., said: "The successful completion of the Fécamp Offshore Wind Farm marks a significant milestone for Enbridge and our project partners. Following the successful completion of
Bill Rogers, Managing Director, Global Head of Sustainable Energies, CPP Investments, said: "The global energy transition requires significant long-term and flexible capital, and we are pleased to be bringing our capital and expertise, alongside EDF Renewables, Enbridge and Skyborn, to this flagship infrastructure project. Following the success of our first project alongside our partners,
Luc Rémont, Chairman and CEO, EDF Group, said: "We are very proud to inaugurate the first offshore wind farm in Normandy, less than two years after the commissioning of the
Thomas Karst, Chief Executive Officer, Skyborn, said: "We're proud of everyone's efforts to realize Fécamp Offshore Wind Farm, a project Skyborn has been committed to since 2007. Commissioning Fécamp is a significant step in advancing the clean energy transition in
Working together with the region: a long-term commitment
Throughout the development and construction phases over the past 12 years, the Fécamp Offshore Wind Farm project team has worked in close consultation with all local stakeholders, which has enabled us to best protect the landscape and surrounding environment and help ensure shared use of the sea. Numerous meetings with fishing professionals, residents, elected representatives and other stakeholders have allowed us to successfully complete a project that combines a commitment to the energy transition, consideration of local needs and resources, and respect for the environment. For example, the configuration of the wind farm was adapted, with the turbines aligned in the direction of the current to allow fishing. Cooperation with local stakeholders and environmental monitoring measures will continue throughout the operational phase of the Fécamp Offshore Wind Farm.
A local industrial project in Normandy
For the past three years, the Fécamp Offshore Wind Farm has relied on a network of regional infrastructures and skills to help build the project. This included construction of the 71 gravity-based foundations and production of the wind turbine blades, nacelles and generators in Le Havre, and pre-assembly of components in Cherbourg. In all, the project involved about 3,000 jobs in the Normandy region and represents a total investment of about
With the maintenance base located on the Grand Quai peninsula in Fécamp, around a hundred local jobs have been created to operate the wind farm. Day-to-day tasks will range from planning maintenance operations to optimizing electricity production.
At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil, and renewable power networks and our growing European offshore wind portfolio. We are investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We are advancing new technologies, including hydrogen, renewable natural gas, and carbon capture and storage, and are committed to achieving net zero greenhouse gas emissions by 2050. Headquartered in Calgary,
Contact Enbridge
Mandy Dinning
mandy.dinning@enbridge.com
The EDF Group is a key player in the energy transition, as an integrated energy operator engaged in all aspects of the energy business: power generation, distribution, trading, energy sales and energy services. The Group is a world leader in low-carbon energy, with a low carbon output of 434TWh, a diverse generation mix based mainly on nuclear and renewable energy (including hydropower). It is also investing in new technologies to support the energy transition. EDF's raison d'être is to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive well-being and economic development. The Group supplies energy and services to approximately 40.9 million customers (1) and generated consolidated sales of
(1) Customers are counted per delivery site. A customer may have two delivery points.
EDF Renewables is an international energy company that develops, builds and operates renewable energy generation plants. A major player in the global energy transition, EDF Renewables deploys competitive, responsible and value-creating projects within EDF. In each country, our teams are committed to the territories on a daily basis by putting their expertise and innovation capacity to work in the fight against climate change.
At the end of 2023, EDF Renewables has an installed capacity of 12.8 net GW (21.2 gross GW) worldwide.
With a major presence in
For more information: www.edf-renewables.com
Follow us on Linkedin: https://www.linkedin.com/company/edf-renouvelables and Twitter @EDF_Renewables in English and @EDF_RE in French.
Contact EDF
Mathieu Baratier ▪ tel.: + 33 (0) 6 22 69 94 95
Emilien Lacroix ▪ tel.: + 33 (0) 6 38 96 49 48
Eugnie Gai ▪ such as: + 33 (0) 6 10 89 41 24
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in
Contact CPP Investments
Steve McCool
smccool@cppib.com
Skyborn Renewables is driving global decarbonisation by accelerating offshore wind energy across the world. We believe offshore wind is a cornerstone of the clean energy transition and an enabler to achieve net-zero targets and ensure energy security and a sustainable energy supply for future generations. Skyborn is an accomplished offshore wind developer and operator with more than 20 years' experience. Our capabilities cover the entire offshore wind value chain, including greenfield development, engineering and design, procurement, financing, corporate power purchase agreements, construction management and asset management. For more information, visit www.skybornrenewables.com
Contact Skyborn Renewables
Meike Wulfers
m.wulfers@skybornrenewables.com
Forward-Looking Information—Enbridge
Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge Inc. ("Enbridge" or the "Company") and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking information or statements in this news release include statements with respect to estimates of production and supply associated with the Fécamp Offshore Wind Farm.
Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Assumptions regarding the expected supply of and demand for renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services. Due to the interdependencies and correlation of macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty. The most relevant assumptions associated with forward-looking statements on announced projects, including the realization of anticipated benefits, include the following: the impact of litigation and government, regulatory and stakeholder actions and approvals; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; technology-related matters; and the impact of weather.
Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and
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SOURCE Enbridge Inc.
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