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TotalEnergies SE (NYSE:TTE) shares are trading lower premarket on Tuesday. The company, along with its partners, inaugurated the Yunlin offshore wind farm in Taiwan, which is now fully operational and generating renewable electricity at its planned capacity of 640 MW.
TotalEnergies holds a 29.46% stake in Yunneng Wind Power Co., Ltd., the joint venture behind the Yunlin offshore wind farm.
The Yunlin offshore wind farm is situated approximately 15 kilometers off Taiwan’s west coast, at depths of up to 35 meters.
The project comprises 80 wind turbines, each with an 8 MW capacity and the electricity produced is supplied to the Taiwanese grid under two 20-year Power Purchase Agreements (PPAs) with Taiwan Power Company (TPC), at an average rate of $165/MWh.
After the expected Commercial Operations Date (COD) in June 2025, TotalEnergies will take charge of technical operations management, while Skyborn Renewables will continue overseeing other management services.
Olivier Jouny, Senior Vice President Renewables at TotalEnergies said, “This 640 MW project will help us achieve our 2025 targets for 35 GW of gross renewable capacity and over 50 TWh of net electricity production, amounting to 10% of TotalEnergies' energy output.”
Last month, the company partnered with L'Air Liquide SA to develop two green hydrogen projects in the Netherlands with a total investment of around 600 million euros.
Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX) and The 2023 ETF Series Trust II GMO International Value ETF (NYSE:GMOI).
Price Action: TTE shares are down 0.72% at $59.40 premarket at the last check Tuesday.
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