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TotalEnergies has teamed up with European Energy for integrated electricity development, focusing on offshore wind projects in Denmark, Finland, and Sweden.
405 MW of offshore wind power under development in Denmark : TotalEnergies has secured an 85% stake in the Jammerland Bugt offshore wind project (240 MW) and a 72.2% stake in the Lillebaelt South nearshore wind project (165 MW) through an agreement with European Energy. These projects, part of Denmark’s nine confirmed open-door projects, has exclusivity and grid connection permits. Anticipating final construction permits by mid-2024, the goal is to start operations by 2030. The generated electricity will be sold on the wholesale market or through Corporate Power Purchase Agreements, facilitating carbon footprint reduction.
Joint development for large scale offshore wind projects in Sweden, Finland, and Denmark : They also intend to establish and manage new, expansive offshore wind ventures in Sweden and Finland via a joint venture. Additionally, they aim to participate in upcoming offshore wind tenders in Denmark.
These agreements capitalize on the strengths of both entities: TotalEnergies brings its expertise in large-scale projects and marketing offtake in merchant markets, while European Energy excels in developing greenfield projects and effectively engaging stakeholders in these nations. Building on their collaboration in September 2023 for onshore renewable projects, this offshore wind project agreement solidifies the partnership between TotalEnergies and European Energy.
“We are delighted to expand our collaboration with European Energy. These new offshore wind projects in Denmark are aligned with our strategy of developing renewable projects in merchant countries at competitive cost. This partnership will allow TotalEnergies to take advantage of European Energy’s longstanding presence in northern Europe to expand its business there,” said Vincent Stoquart, Senior Vice President, Renewables at TotalEnergies.
“This partnership with TotalEnergies will accelerate the renewable energy transition in Northern Europe. Our combined expertise in developing greenfield projects and TotalEnergies’ experience in large-scale operations will enable us to deliver state-of-the-art offshore wind facilities. We are excited to contribute our deep knowledge of the Nordic energy market to this venture, ensuring the successful realization of these ambitious projects. This collaboration not only strengthens our position in the renewable energy sector but also underscores our commitment to sustainable development and energy independence in Europe,” added Knud Erik Andersen, Group CEO at European Energy.
