As part of its integrated development in electricity, TotalEnergies has signed a new agreement with European Energy to develop offshore wind projects in three Nordic countries: Denmark, Finland and Sweden.
405 MW of offshore wind power under development in Denmark
The agreement entails the acquisition by TotalEnergies of a 85% equity stake in the Jammerland Bugt offshore wind project (240 MW) and a 72.2% equity stake in the Lillebaelt South nearshore wind project (165 MW). Both projects are located in Denmark.
Both sites are included in the nine open-door projects that were confirmed by the Danish Energy Agency in December 2023 and have obtained exclusivity and grid connection permits. The final construction permits are expected in mid-2024, and start up by 2030.
The electricity generated by these sites will be sold directly on the electricity wholesale market or through Corporate Power Purchase Agreements (CPPAs), enabling them to reduce their carbon footprint.
Joint development for large scale offshore wind projects in Sweden, Finland, and Denmark
The partners also intend to develop and operate new large scale offshore wind projects in Sweden and Finland through a joint-venture, and to bid for the upcoming offshore wind tenders in Denmark.
These deals aim to leverage both parties’ strengths: TotalEnergies will contribute its experience in large-scale projects and its ability to market the offtake in merchant markets. European Energy has a proven track record in developing greenfield projects and engaging successfully with stakeholders in these countries.
This agreement for offshore wind projects follows a previous agreement between TotalEnergies and European Energy in September 2023 to jointly develop, build and operate onshore renewable projects in multiple geographies.
“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,” said Knud Erik Andersen, Group CEO at European Energy.
This agreement is subject to the applicable regulatory approvals being obtained from the relevant authorities.