GIG and Total win seabed lease rights for UK offshore wind project

offshore wind
Image by David Will from Pixabay

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 1.5GW of renewable electricity and represents a significant early-stage investment in the UK offshore wind sector for both companies.

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Total and GIG were awarded this lease for an annual option fee of à‚£83,000 ($114,000) 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 the successful conclusion of that process, the final agreements for lease will be signed during 2022.

The project will 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.

Mark Dooley, global head of Green Investment Group, said: “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.”

“Total is delighted to have been awarded 1.5GW 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”, said Julien Pouget, senior vice president Renewables at Total. “This success builds on our historical expertise in the UK offshore and is paving the way to the expansion of our renewable energy offering in the country in line with our strategy of becoming a broad-energy company”.

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

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