France-based Energy giant TotalEnergies announced today a new partnership with Macquarie’s Green Investment Group’s (GIG) Corio Generation and energy asset manager Rise Light & Power, for the joint development of Attentive Energy, a 3+ GW offshore wind project off the coast of New York and New Jersey.
Coria and Rise acquired 27.7% and 16.3% stakes in the project, respectively, for a cash consideration of $420 million. TotalEnergies will retain the remaining 56% stake.
Located 42 miles offshore, and covering approximately 84,000 acres of seabed, Attentive Energy aims to develop more than 3GW of renewable energy, providing green electricity for more than 1 million homes across New York and New Jersey.
Under the new agreement, Rise will manage the offshore wind project’s interconnection at its Ravenswood Generating Station, which more than 20% of New York City’s generation capacity, and begin the retirement of the station’s gas generators. Corio will bring its experience as an offshore wind developer to the partnership. Macquarie’s GIG announced the launch of Corio last year, transferring over 100 of its staff to the specialist offshore business to continue the development of GIG’s existing portfolio of projects across the UK, Europe, Taiwan, Korea, and Australia, and seek opportunities to create, finance and develop new world class offshore wind assets.
TotalEnergies has set a goal to reach installed renewable power generation capacity of 35GW by 2025, and 100 GW globally by 2030.
Vincent Stoquart, Senior Vice President Renewables at TotalEnergies, said:
“This partnership reinforces TotalEnergies’ capacity to actively develop its presence in the U.S. renewables space where the Company has a 25 GW portfolio of projects, in operation or development, including 4 GW in offshore wind. We are also happy to contribute, through the Attentive Energy project, to the reduction of greenhouse gas emissions in New York and New Jersey, and support the U.S. government’s goal to develop 30 GW of offshore wind in the country by 2030.”