TotalEnergies Acquires 50% Stake In Two Offshore Wind Projects In North Sea: Details
In This Article:
TotalEnergies SE (NYSE:TTE) shares are trading higher on Monday. The company agreed to acquire a 50% stake in two offshore wind projects in the North Sea from RWE AG (OTC:RWEOY), specifically N-9.1 and N-9.2, each with a capacity of 2 GW.
These projects, located 110 km off the German coast, were awarded to RWE in August 2024 and come with 25-year licenses that can be extended to 35 years.
This acquisition will complement TotalEnergies’ existing N-12.1, N-11.2, and O-2.2 concessions, enabling the company to leverage synergies from its 6.5 GW German offshore wind hub and optimize construction and operational costs.
Notably, the German Federal Maritime and Hydrographic Agency (BSH) has conducted preliminary studies on marine conditions, subsoil, and wind and oceanographic factors.
This information will aid RWE and TotalEnergies in planning the construction of the wind farms, slated for commissioning in 2031 and 2032.
Olivier Jouny, SVP Renewables at TotalEnergies, said, “We are pleased to strengthen our ties with RWE, a key player in renewables and our partner in OranjeWind project in the Netherlands. This new partnership contributes to our integrated development in the German electricity market, the largest in Europe, and will enable TotalEnergies to provide green electrons to decarbonize the country’s electricity and industry.”
Last week, the company stated that it plans annual net investments of $16 billion – $18 billion from 2025 to 2030, with around $5 billion for low-carbon energies, allowing for a $2 billion reduction in case of significant price declines.
Investors can gain exposure to the stock via Advisor Managed Portfolios Miller Value Partners Appreciation ETF (NYSE:MVPA) and Octane All-Cap Value Energy ETF (NASDAQ:OCTA).
Price Action: TTE shares are up 1.05% at $69.32 at the last check Monday.
Read Next:
Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.
Get the latest stock analysis from Benzinga?
This article TotalEnergies Acquires 50% Stake In Two Offshore Wind Projects In North Sea: Details originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.