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Following auctions in Germany, TotalEnergies SE (NYSE:TTE) announced that it had won the maritime concession N-11.2 from the German Federal Network Agency.
As per the terms, Offshore Wind One GmbH will pay €196 million to the German government by June 2025 for marine conservation and promoting environmentally friendly fishing.
They will also contribute €88 million annually to the electricity transmission operator for twenty years from the project’s commissioning.
Covering an area of about 156 square kilometers, this 1.5 gigawatt (GW) concession paves the way for TotalEnergies to establish a 3.5 GW offshore wind hub in the German North Sea. The concession will initially run for 25 years and can be extended to 35 years.
Stéphane Michel, President Gas Renewable and Power, said, “Building upon the successful award of concession N-12.1 in the German North Sea last year, the award of the N-11.2 site will enable TotalEnergies to establish a 3.5 GW offshore wind energy hub, building on the quality of both sites and taking advantage of the development and operational synergies between them.”
“This marks a new step for the deployment of TotalEnergies Integrated Power strategy in Germany after the acquisition of Quadra Energy, one of the top 3 aggregators of renewable electricity production, and of Kyon Energy, a prominent developer of battery storage solutions.”
TTE’s new award is part of the 2.5 GW offshore wind site contract by the Federal Network Agency, as per Reuters.
The contract included utility company EnBW‘s win to develop a 1.0 GW site at 1.065 million euros per MW offshore in the North Sea.
Investors can gain exposure to TTE via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA: EIPX) and Keating Active ETF (NASDAQ:KEAT).
Price Action: TTE shares are down 0.41% at $66.21 at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
