Total Becomes Latest Oil Major to Enter Floating Wind Energy Market
France's Total announced two significant wind deals in recent days, becoming the latest oil company to push into floating offshore wind as it builds on its existing momentum in the solar market.
Total this week bought an 80 percent share of the 96-megawatt Erebus floating wind project in the Celtic Sea from developer Simply Blue Energy.
Then on Friday, the company confirmed its Total Quadran subsidiary had acquired developer Global Wind Power (GWP) France from its Danish parent, adding a 1-gigawatt portfolio of wind projects in France.
Fellow European oil majors Shell and BP have built-up gigawatt-scale renewables portfolios, but the pace of Total’s recent activity could see it outshine them both.
Total has 3 gigawatts of renewables within its 7-gigawatt portfolio of low-carbon projects. By 2040, the company aims to derive 15 to 20 percent of its revenue from its low-carbon business.
Earlier this year, Total bought a 50 percent share of Adani’s 2.1-gigawatt portfolio of operational solar assets in India for $510 million. In February, it signed two solar deals in Spain, including an outright acquisition of developer Solarbay’s 1.2-gigawatt development pipeline. And Total was part of the winning partnership in Qatar’s most-recent solar tender for an 800-megawatt project.
The Erebus project off the coast of Wales will utilize floating foundations from Principle Power, the same technology used by the Engie- and EDP-led Windplus consortium. Windplus is behind the WindFloat Atlantic pilo....