Total announced Wednesday it has acquired a 20% stake in the EolMed floating offshore wind pilot project in France, Kallanish Energy reports.
The undisclosed deal marks Total’s entry into this “promising segment” at its home country. Elsewhere, the group is developing floating offshore wind projects in South Korea and the UK.
The 30-megawatt (MW) pilot will be located in the Mediterranean, off the coast of Gruissan, in the Occitan region. Danish manufacturer Vestas will supply the turbines, with installation set for 2023.
According to Total’s renewables director Julien Pouget, the acquisition demonstrates the group’s ambition and “willingness” to innovate in the renewables field.
“Together with our partner Qair, we have the necessary resources to meet the technological and financial challenges that will determine our future success,” in floating offshore wind, he said. “I am delighted that Total can contribute to the emergence of this new sector in France.”
The oil and gas major plans to become a net-zero company by 2050, with renewable energy sales set to account to up to 40% of total sales by then. Total is targeting 35 gigawatts of renewable energy production capacity by 2025.
The firm said it “will continue to expand its business to become one of the world leaders in renewable energies.
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