TotalEnergies Forms Partnership with Corio and Rise for 3GW Attentive Energy Offshore Wind Project
Posted 23/10/2023 12:09
TotalEnergies, a prominent French energy company, announced a strategic partnership on Monday with Corio Generation (Corio), an offshore wind developer, and Rise Light & Power (Rise), an electricity producer based in New York. The partnership aims to jointly develop the Attentive Energy offshore wind project situated off the coast of New York and New Jersey.
Corio and Rise acquired respective stakes of 27.7% and 16.3% in the Attentive Energy project. Rise will contribute its assets and interconnection capabilities in New York City to the project. In return, TotalEnergies, retaining the remaining 56%, received a total cash consideration of $420 million. In February 2022, TotalEnergies had secured 100% of maritime lease OCS-A 0538 at the New York Bight auction.
The objective of the Attentive Energy project is to establish over 3 gigawatts (GW) of offshore wind power, located 54 miles from New York State and 42 miles from New Jersey shores. Upon completion, the project will generate green electricity for more than a million homes across the two states.
According to the terms of the agreement, Rise will oversee the project's interconnection at its Ravenswood Generating Station and commence the retirement of its gas generators. TotalEnergies emphasized that this transformation will turn the Ravenswood Generating Station into a green energy hub serving as the operational base for Attentive Energy's maintenance and activities.
Corio will contribute its extensive experience as a global offshore wind developer, with over 30 GW under development across Europe, the Asia-Pacific region, and the Americas.
Vincent Stoquart, Senior Vice President of Renewables at TotalEnergies, expressed enthusiasm about the collaboration, highlighting the company's commitment to profitably develop a significant offshore wind project that will supply cleaner electricity to residents in New York and New Jersey. This partnership further solidifies TotalEnergies' active presence in the U.S. renewables sector, where the company currently manages a portfolio of 25 GW of projects, including 4 GW in offshore wind. The collaboration also aligns with TotalEnergies' mission to contribute to the reduction of greenhouse gas emissions in New York and New Jersey, supporting the U.S. government's objective to develop 30 GW of offshore wind in the country by 2030.