TotalEnergies gets $480m as Corio and Rise join US offshore wind project
TotalEnergies has sold minority stakes in the Attentive Energy offshore wind project off the coast of New York and New Jersey to Corio Generation (Corio), and Rise Light & Power (Rise) for $480m.
The transaction comprises Corio and Rise taking respective stakes of 27.7% and 16.3% in the project and Rise also contributing its assets and interconnection capabilities in New York City to the project.
TotalEnergies, which retains the remaining 56%, secured, in February 2022, 100% of maritime lease OCS-A 0538 at the New York Bight auction.
The Attentive Energy project aims to develop more than 3 GW of offshore wind located 54 miles from New York State and 42 miles from New Jersey shores. Once built, the project is expected to provide electricity for more than 1m homes across the two states.
Under the terms of the agreement, Rise will manage the project’s interconnection at its Ravenswood Generating Station and begin the retirement of its gas generators. The site will be transformed into a green energy hub where Attentive Energy will base its operations and maintenance activities.
With over 30 GW under development in Europe, Asia-Pacific and the Americas, Corio owns one of the world’s largest offshore wind project portfolios.
“This partnership reinforces TotalEnergies’ capacity to actively develop its presence in the US 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 US government’s goal to develop 30 GW of offshore wind in the country by 2030,” said Vincent Stoquart, senior vice president of renewables at TotalEnergies.
