LATEST NEWS
Scotland
Offshore Wind
Total has entered into an agreement to acquire a 51% stake in the Seagreen 1 offshore wind farm project. The 1,140-megawatts (MW) project includes a potential extension opportunity of up to 360 MW. Located 27 kilometers from the Scottish
coastline, Seagreen 1 will be able to meet the energy needs of around one million homes. It is expected to start producing renewable electricity from end-2022. Once completed, it will be Scotland’s largest offshore wind farm. The Seagreen
1 project represents an overall investment of around $3.7 billion. The transaction represents a major change of scale for Total’s offshore wind business and is in line with the Group’s strategy of profitable growth in renewables
and low-carbon electricity.
Uganda
Oil
© L. Zylberman - Total
In April 2020, Total signed an agreement to acquire all of Tullow Oil’s interests in the Lake Albert development project in Uganda and in the East African Crude Oil Pipeline (EACOP) project for
a total consideration of $575 million. With an acquisition cost of less than $2 per barrel, this transaction is perfectly in line with Total’s strategy of acquiring long-term resources at a low cost. The deal is subject to the approval
of the competent authorities.
Norway
Carbon Capture and Storage
Total, Equinor and Shell decided in May 2020 to invest in the Northern Lights project to develop CO2 storage on the Norwegian Continental Shelf. Phase 1 includes capacity to transport, inject and store up to 1.5 million tonnes of CO2 per
year. Once the CO2 is captured onshore, Northern lights will be responsible for transport by ships, injection and permanent storage some 2,500 metres below the seabed. CCS is essential to achieving carbon neutrality in Europe
and an integral part of Total’s new climate ambition, to reach net-zero emissions by 2050.
France
Wind
© Abit Sébastien - Total
In March 2020, Total Quadran – a wholly-owned Total affiliate dedicated to developing and producing renewable electricity in France – acquired 100% of Global Wind Power (GWP) France. GWP has a portfolio of onshore wind projects that together represent
more than 1,000 megawatts (MW). This new acquisition demonstrates Total’s determination to contribute to France’s energy transition goals.
Spain
Gas & Power
Total becomes the 4th largest supplier of gas and power in Spain by acquiring Energías de Portugal’s portfolio of 2.5 million B2C customers and two gas-fired combined cycle power plants, which represent an electricity generation capacity of
nearly 850 megawatts. This transaction in Spain follows Total’s entry into the country’s solar market in February with the acquisition of a portfolio of almost 2 gigawatts of renewable power projects to be developed. It is also fully consistent
with the Group’s strategy of profitable growth across the gas and low-carbon electricity value chain in Europe. Thanks to this deal, Total will supply gas and power to 8.5 million customers in Europe from 2021, on track to meet its target of more
than 10 million customers by 2025.
