United States: TotalEnergies Joins Forces With Corio and Rise to Develop 3+ GW Wind Project Offshore New York & New Jersey

Rhea-AI Summary

TotalEnergies partners with Corio Generation and Rise Light & Power for the development of the Attentive Energy offshore wind project off the coast of New York and New Jersey. TotalEnergies received $420 million in cash consideration for its stake in the project. The project aims to develop over 3 GW of offshore wind and provide green electricity for more than a million homes. TotalEnergies strengthens its presence in the U.S. renewables space and supports the U.S. government's goal of developing 30 GW of offshore wind by 2030.

Positive

• TotalEnergies strengthens its presence in the U.S. renewables space with a 25 GW portfolio of projects, including 4 GW in offshore wind.
• TotalEnergies received a total cash consideration of $420 million for its stake in the Attentive Energy project.
• The Attentive Energy project aims to develop over 3 GW of offshore wind, providing green electricity for more than a million homes.
• The partnership supports the U.S. government's goal of developing 30 GW of offshore wind by 2030.

Negative

• None.

PARIS & NEW YORK--(BUSINESS WIRE)-- Regulatory News:

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) today announces it partnered with Corio Generation (Corio), an offshore wind developer, and Rise Light & Power (Rise), a New York-based electricity producer, for the joint development of the Attentive Energy offshore wind project off the coast of New York and New Jersey.

Corio and Rise took respective stakes of 27.7% and 16.3% in the Attentive Energy project. Rise will also contribute its assets and interconnection capabilities in New York City to the project. In exchange, TotalEnergies, which retains the remaining 56%, received a total cash consideration of $420 million. TotalEnergies had secured, in February 2022, 100% of maritime lease OCS-A 0538 at the New York Bight auction.

The Attentive Energy project aims to develop more than 3 gigawatts (GW) of offshore wind located 54 miles from New York State and 42 miles from New Jersey shores. Once built, the project will provide green electricity for more than a million homes across the two states.

The alliance of three leaders for an integrated and innovative offshore wind project

Through this partnership, TotalEnergies reinforces its ability, as operator, to deliver a robust offshore wind project with attractive returns, which will help supply green electricity to New York City. Under the terms of the agreement, Rise will manage the project’s interconnection at its Ravenswood Generating Station and begin the retirement of its gas generators. This iconic site, a pillar of New York City's energy system, will be transformed into a green energy hub where Attentive Energy will base its operations and maintenance activities.

Corio will bring its extensive experience as a global offshore wind developer. With over 30 GW under development in Europe, Asia-Pacific and the Americas, Corio owns one of the world’s largest offshore wind project portfolios.

“TotalEnergies is delighted to partner with Corio and Rise to profitably develop a major offshore wind project that will provide greener electricity to the residents of New York and New Jersey”, said Vincent Stoquart, Senior Vice President Renewables at TotalEnergies. “This partnership reinforces TotalEnergies’ capacity to actively develop its presence in the U.S. renewables space where the Company has a 25 GW portfolio of projects, in operation or development, including 4 GW in offshore wind. We are also happy to contribute, through the Attentive Energy project, to the reduction of greenhouse gas emissions in New York and New Jersey, and support the U.S. government’s goal to develop 30 GW of offshore wind in the country by 2030.”

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TotalEnergies and offshore wind
TotalEnergies’ portfolio in offshore wind has a total capacity of more than 13 GW, with most farms bottom-fixed. These projects are located in the United Kingdom (Seagreen, Outer Dowsing, West of Orkney, Erebus), South Korea (Bada), Taiwan (Yunlin, Haiding 2), France (Eolmed), the United States (Attentive Energy and North Carolina), and Germany (N-12.1 and 0-2.2).

TotalEnergies and electricity
As part of its ambition to get to net zero by 2050, TotalEnergies is building a world class cost-competitive portfolio combining renewables (solar, onshore and offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. In 2022, TotalEnergies generated more than 33 TWh of electricity, and had a gross renewable electricity generation installed capacity of 17 GW. TotalEnergies will continue to expand this business to grow its power generation to more than 100 TWh by 2030, with the objective of being among the world's top 5 producers of electricity from wind and solar energy.

About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in nearly 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.

@TotalEnergies | TotalEnergies | TotalEnergies | TotalEnergies

Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. 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 TotalEnergies SE 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. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

View source version on businesswire.com: https://www.businesswire.com/news/home/20231022992780/en/

TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 4699 l presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

Source: TOTALENERGIES SE

FAQ

What is the Attentive Energy offshore wind project?

The Attentive Energy offshore wind project is a joint development by TotalEnergies, Corio Generation, and Rise Light & Power off the coast of New York and New Jersey, aiming to develop over 3 GW of offshore wind and provide green electricity for more than a million homes.

How much cash consideration did TotalEnergies receive for its stake in the project?

TotalEnergies received a total cash consideration of $420 million for its stake in the Attentive Energy project.

What is TotalEnergies' presence in the U.S. renewables space?

TotalEnergies has a 25 GW portfolio of projects in the U.S. renewables space, including 4 GW in offshore wind.

What is the U.S. government's goal for offshore wind development?

The U.S. government aims to develop 30 GW of offshore wind by 2030, and this partnership supports that goal.