TotalEnergies and European Energy have inked a deal to collaborate on offshore wind ventures in Denmark, Finland, and Sweden. As part of the agreement, TotalEnergies will acquire an 85% equity stake in the 240MW Jammerland Bugt offshore wind project and a 72.2% equity stake in the 165MW Lillebaelt South nearshore wind project, both situated in Denmark.
These projects are among the nine open-door projects approved by the Danish Energy Agency in December 2023, with exclusivity and grid connection permits secured. Anticipated final construction permits are slated for mid-2024, and operations are expected to commence by 2030.
The electricity generated from these projects will be either directly sold on the electricity wholesale market or through corporate power purchase agreements (CPPAs). Additionally, the partners plan to form a joint venture to develop and operate new offshore wind projects in Sweden and Finland, and they intend to participate in upcoming offshore wind tenders in Denmark.
TotalEnergies will leverage its expertise in large-scale projects and marketing capabilities in merchant markets, while European Energy brings its successful track record in developing greenfield projects and engaging with stakeholders in the respective countries to the partnership.
Senior Vice President, Renewables at TotalEnergies, Vincent Stoquart, said “We are delighted to expand our collaboration with European Energy. These new offshore wind projects in Denmark are aligned with our strategy of developing renewable projects in merchant countries at competitive cost.”
“This partnership will allow TotalEnergies to take advantage of European Energy’s longstanding presence in northern Europe to expand its business there.”
Group CEO at European Energy, Knud Erik Andersen, added “We are excited to contribute our deep knowledge of the Nordic energy market to this venture, ensuring the successful realisation of these ambitious projects.”
The accord for offshore wind initiatives comes after an earlier pact in September 2023 between TotalEnergies and European Energy to collaboratively pursue the development, construction, and operation of onshore renewable projects across various locations.
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