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GIG and Total secure seabed lease

By: Tom Russell 08/02/2021 Green Investment Group

General Windfarms

A 50/50 joint venture between Macquarie’s Green Investment Group (GIG) and Total has secured 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 GW of renewable electricity and represents an early stage investment in the UK offshore wind sector for both companies.

Total and GIG were awarded this lease for an annual option fee of £83,000 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 some time in 2022.

Both GIG and Total are renewable energy developers and investors. They bring expertise, technical capability, and a track record in energy development to the project. GIG stated it has supported almost 50% of the UK’s offshore wind capacity in operation. Total is a shareholder 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.

GIG and Total are currently partnering in South Korea to co-develop a major portfolio of floating offshore wind projects.

"Total is delighted to have been awarded 1.5 GW as part of the 4th Round of offshore wind leases from The Crown Estate with our partner GIG. We continue to support the energy transition goals of the UK. This project is our largest renewables development in Europe to date and an important step toward our 2050 net zero ambition. This success builds on our historical expertise in the UK offshore and is paving the way to expansion of our renewable energy offering in the country in line with our strategy of becoming a broad-energy company," said Julien Pouget Senior Vice President Renewables, Total.

"With this investment, we’re continuing our pioneering role in the UK’s energy transition, and helping to establish offshore wind as the backbone of its new low-carbon energy system. Building on our track record as one of the country’s largest funders of offshore wind, this represents a significant increase in our commitment to the UK’s offshore wind sector. This adds to our growing portfolio of renewable developments in Europe and grows our global offshore wind development portfolio to over 13 GW," commented Mark Dooley, Global Head of Green Investment Group.

For more information on offshore wind farms worldwide, click here.

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GIG and Total secure seabed lease

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