French energy major TotalEnergies has signed an agreement with European Energy to develop offshore wind projects in three Nordic countries, including Denmark, Finland and Sweden.
The agreement covers 405 MW of offshore wind power under development in Denmark, and new large scale offshore wind projects to be developed jointly by TotalEnergies and European Energy in Denmark, Sweden, and Finland.
As part of the agreement, TotalEnergies will acquire 85% equity stake in the Jammerland Bugt offshore wind project (240 MW) and a 72.2% equity stake in the Lillebaelt South nearshore wind project (165 MW). Both projects are located in Denmark.
Both sites are included in the nine open-door projects that were confirmed by the Danish Energy Agency in December 2023 and have obtained exclusivity and grid connection permits. The final construction permits are expected in mid-2024, and start up by 2030.
The electricity generated by these sites will be sold directly on the electricity wholesale market or through Corporate Power Purchase Agreements (CPPAs), enabling them to reduce their carbon footprint.
As for the new joint projects, the partners intend to develop new large scale offshore wind farms in Sweden and Finland through a joint-venture, and to bid for the upcoming offshore wind tenders in Denmark.
This agreement for offshore wind projects follows a previous agreement between TotalEnergies and European Energy in September 2023 to jointly develop, build and operate onshore renewable projects in multiple geographies.
“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,” said Vincent Stoquart, Senior Vice President, Renewables at TotalEnergies.
The agreement is subject to the applicable regulatory approvals being obtained from the relevant authorities.