Total and GIG secure seabed lease rights for offshore wind project
A 50/50 joint venture between Macquarie’s Green Investment Group (GIG) and Total has been successful in securing rights to a seabed lease in the Eastern Regions zone in the Crown Estate’s Offshore Wind Leasing Round 4.
The project, which will be located off the UK’s East Anglian coast, could deliver up to 1.5 gigawatts (GW) of renewable electricity and represents a significant early stage investment in the UK offshore wind sector for both companies.
It will also:
- Support significant employment opportunities and play a critical role in helping the UK meet its ambitious net zero target.
- Enable the two partners to expand in the UK, which is Europe’s most mature market for offshore wind and provides steady growth perspectives and a clear route-to-market.
Both GIG and Total are global renewable energy developers and investors and bring significant expertise, technical capability, and a track record in successful energy development to the project. GIG has supported almost 50% of the UK’s offshore wind capacity in operation . Total continues to build up a strong position in offshore wind after its involvement in the 1.1 GW Seagreen project off the east coast of Scotland and in Erebus, a 96 MW floating offshore wind project in the Celtic Sea, leveraging its long standing industrial activity in the UK.
GIG and Total are currently partnering in South Korea to co-develop a major portfolio of floating offshore wind projects.
Total and GIG were awarded this lease for an annual option fee of £83k per MW/year, during the development phase. There will now be a Habitat Regulations Assessment (HRA) of the possible impact of the project on relevant nature conservation sites in the allotted area. Following successful conclusion of that process the final agreements for lease will be signed sometime in 2022.
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