Strategic Partnership Forms for Major Offshore Wind Venture in New York and New Jersey

Posted on 23, October 2023 by | This entry was posted in Business, Energy, Gas & Oil, France, Infrastructure & Utilities and tagged , , , , , , , , , , , . Bookmark the permalink.

Strategic Partnership Forms for Major Offshore Wind Venture in New York and New Jersey

(IN BRIEF) TotalEnergies has joined forces with offshore wind developer Corio Generation and electricity producer Rise Light & Power to develop the Attentive Energy offshore wind project off the coasts of New York and New Jersey. Corio and Rise have acquired stakes of 27.7% and 16.3%, respectively, in the project, with Rise contributing its assets and interconnection capabilities in New York City. In exchange, TotalEnergies retains a majority share of 56% and received $420 million in cash. The Attentive Energy project aims to generate over 3 gigawatts of offshore wind energy, providing green electricity to over a million homes in both states. Rise will oversee interconnection at its Ravenswood Generating Station, transitioning it into a green energy hub. Corio brings extensive offshore wind development experience to the partnership.

(PRESS RELEASE) PARIS, 23-Oct-2023 — /EuropaWire/ — TotalEnergies (EPA:TTE), a global multi-energy company with over 100,000 employees and presence in more than 130 countries as well as the world’s 3rd-largest low-carbon LNG company, is pleased to announce a strategic partnership with Corio Generation (Corio), a prominent offshore wind developer, and Rise Light & Power (Rise), a leading electricity producer based in New York, to jointly develop the transformative Attentive Energy offshore wind project off the coasts of New York and New Jersey.

In this collaboration, Corio and Rise have secured respective stakes of 27.7% and 16.3% in the Attentive Energy project. Rise will further contribute its valuable assets and interconnection capabilities in New York City to enhance the project’s scope. In exchange, TotalEnergies, maintaining the majority share of 56%, has received a total cash consideration of $420 million. Notably, TotalEnergies had previously secured 100% of maritime lease OCS-A 0538 during the New York Bight auction in February 2022.

The Attentive Energy project is ambitiously targeting the development of over 3 gigawatts (GW) of offshore wind energy, strategically located 54 miles off the coast of New York State and 42 miles from the shores of New Jersey. Upon completion, this groundbreaking project is set to supply green electricity to more than a million homes spanning both states.

An Alliance of Industry Leaders for Innovation

Through this powerful collaboration, TotalEnergies reaffirms its role as the project operator, committed to delivering a robust offshore wind endeavor with attractive returns. The project holds the promise of providing clean electricity to New York City, contributing to its sustainability goals. According to the terms of the agreement, Rise will oversee the project’s vital interconnection at its Ravenswood Generating Station and commence the retirement of its gas generators. This iconic site, a cornerstone of New York City’s energy landscape, will undergo a transformation into a green energy hub, serving as the operational and maintenance base for Attentive Energy.

Corio brings its extensive global experience as a distinguished offshore wind developer to the partnership. With an impressive portfolio of over 30 GW in development across Europe, Asia-Pacific, and the Americas, Corio stands as one of the world’s premier offshore wind project developers, enhancing the project’s expertise and potential.

“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.”

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.

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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. TotalEnergies SE has no liability for the acts or omissions of these 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 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).

SOURCE: TotalEnergies

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