TotalEnergies-Led Consortium Project Attentive Energy One to Power New York with 1.4 GW of Renewables

TotalEnergies-Led Consortium Project Attentive Energy One to Power New York with 1.4 GW of Renewables

(IN BRIEF) TotalEnergies and its partners, Corio Generation and Rise Light & Power, have been awarded a 25-year contract to supply 1.4 GW of renewable electricity in New York State. Their Attentive Energy One project, a joint venture between TotalEnergies (40%), Rise (35%), and Corio (25%), received provisional approval in the State’s 2023 competitive Offshore Renewable Energy Credits (OREC) solicitation. The project, set to commission in 2029, emphasizes local content and will enable a new General Electric facility for manufacturing offshore wind components, stimulate $300 million in community-focused projects, and transition the Ravenswood gas-fueled power plant into a clean energy hub in New York City. The project’s profitability is ensured through OREC revenue, tax credits, grid access, and a price-competitive supply of turbines by General Electric.

(PRESS RELEASE) NEW YORK/ PARIS, 25-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, in collaboration with Corio Generation (Corio) and Rise Light & Power (Rise), is proud to announce that their Attentive Energy One project has been selected by New York State for a 25-year contract to supply 1.4 GW of renewable electricity.

Attentive Energy One, a joint venture with TotalEnergies holding 40%, Rise with 35%, and Corio with 25%, has received provisional approval in New York State’s competitive Offshore Renewable Energy Credits (OREC) solicitation for 2023, organized by the New York State Energy and Research Development Authority (NYSERDA). The consortium is working towards commissioning the project in 2029.

NYSERDA has placed a strong emphasis on local content in the proposal. The Attentive Energy One project will facilitate the construction of a new General Electric facility for manufacturing offshore wind blades and nacelles, as well as stimulate $300 million in investments for community-focused projects across New York State. Additionally, it will transform Rise’s Ravenswood gas-fueled power plant into a clean energy hub in the heart of New York City.

The project’s profitability is secured through guaranteed OREC revenue, a 40% IRA tax credit, assured access to the New York electricity grid facilitated by Rise, and the local supply of turbines by General Electric at a competitive price. The contract awarded by NYSERDA will also include an inflation adjustment mechanism to account for changes in construction costs until the final investment decision.

“We are honored that the State of New York chose Attentive Energy One to deliver on the promise of bringing green electricity to hundreds of thousands of homes and businesses. Together with our partners Corio and Rise, we will mobilize all our expertise to develop a major offshore wind project that will contribute to New York State’s greenhouse gas emissions reduction targets,” said Vincent Stoquart, Senior Vice President Renewables at TotalEnergies. “Thanks to this project’s secured offtake price and competitive advantages such as the 40% IRA tax credit and its very competitive interconnection, Attentive Energy One project will contribute positively to our Integrated Power profitability target of 12% and to our ambition of more than 100 TWh of power generation by 2030.”

TotalEnergies had previously secured 100% of maritime lease OCS-A 0538 at the New York Bight auction in February 2022. The partnership with New York-based electricity producer Rise and global offshore wind developer Corio was established to jointly develop the Attentive Energy offshore wind projects.

The lease’s 3 GW capacity will serve two projects: Attentive Energy One, focused on supplying New York State, and Attentive Energy Two, dedicated to providing renewable energy to New Jersey. These projects collectively aim to power more than a million homes across both states.

TotalEnergies in the U.S

Operating in the United States since 1957, TotalEnergies is focused on identifying opportunities to meet growing energy needs while reducing carbon emissions. With a presence in more than 30 U.S. states, the Company is developing an integrated portfolio combining 25 GW of operated and non-operated solar and wind projects, storage, and trading. It is also the number one U.S. exporter of LNG, a critical partner for intermittent renewable energies.

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, of which more than 10 TWh came from renewables. 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 players in this sector.

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 Contacts

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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