TotalEnergies to invest €4.5bn in French offshore wind farm

(Sharecast News) - Energy giant TotalEnergies has been selected by the French government as the operator of the country's largest renewable energy project, and will invest €4.5bn in a wind farm offshore Normandy. A consortium formed by TotalEnergies and RWE won the so-called Centre Manche 2 offshore wind tender, responsible for designing, developing, building, and operating a 1.5 gigawatt offshore wind farm 40km off the coast.

Once built, the farm will generate around 6 terawatt-hour per year, supplying electricity to the equivalent of more than a million households.

TotalEnergies, the operator of the project, said it would reach a final investment decision by early 2029, with electricity production not expected until 2033.

According to TotalEnergies, RWE has expressed a wish to exit the consortium following an investment review, which will mean a new partner will be needed.

"This project will be the largest investment made by TotalEnergies in France in decades and reflects our Company's deep commitment to our country," said the company chair and chief executive Patrick Pouyanné.

"As a long-standing player in Normandy, we are determined to mobilize our expertise to ensure this project is an industrial success while securing its acceptance by the region."

TotalEnergies shares were up 0.4% at €52.62 by 1409 in Paris.