The concessions will run for a term of 25 years, extendable to 35 years. With capacities of 2 GW and 1 GW respectively, these two wind farms will provide a volume of electricity equivalent to the consumption of over 3,000,000 homes. Following these awards, TotalEnergies will pay the German Federal government 582 million euros, which will be allocated to the conservation of the marine environment and the promotion of environmentally friendly fishing.
An annual contribution will also be paid to the electricity transmission system operators in charge of connecting the projects for 20 years from commissioning of the sites.
The production generated by these sites will be marketed by TotalEnergies, either by selling it directly on the electricity market, or by entering into Power Purchase Agreements (PPAs) with end-buyers, enabling them to reduce their carbon footprint.
These projects, which are cost-competitive given the quality of the sites, are in line with the Company's strategy of becoming an integrated player in the electricity markets, taking advantage of price volatility. They will contribute to the Integrated Power Business Unit’s objective of reaching a two-digit profitability.
Commissioning by 2030
These major projects are in line with the German government's objective of deploying 30 GW of offshore wind power in Germany by 2030. The next step for TotalEnergies will be to carry out the studies required to obtain the environmental permits, as well as the technical analyses on these sites, leading to investment decisions in 2027 and commissioning by 2030.
“TotalEnergies is proud to leverage its expertise in offshore and large-scale projects to build these giant wind farms, which will make a significant contribution to the development of renewable electricity in Europe by 2030.
"Our entry into offshore wind power in Germany, Europe's largest electricity market, is a key step in the implementation of our strategy to become an integrated profitable player in the electricity markets.
"After the commissioning of a floating LNG regasification unit at the Lubmin terminal in January 2023, this is a further commitment by TotalEnergies to deploy our multi-energy strategy in Germany and contribute to the country's and Europe's energy security.,” said Patrick Pouyanné, chairman and CEO of TotalEnergies.
