The joint venture between Total and the Green Investment Group has secured rights for a seabed lease for offshore wind development off the United Kingdom Coast. The lease is valid for projects that are located off the UK’s East Anglian coast and will have an installed capacity of 1.5 GW. The project was awarded in the fourth round of offshore wind lease auctions by the UK and represents the largest European offshore wind development in the joint venture’s portfolio.

The project lease was awarded to the two companies for an annual option fee of Pound 83,000 per MW per year. There will now be a habitat regulations assessment to check the potential environmental impact on the allotted area. From then on, the final agreements for the lease will be signed which is expected to be completed in 2022.

The project is expected to support employment opportunities in the region and play a huge role in meeting the UK’s ambitious net zero emissions target. Further, it will also help the JV expand its influence in the UK, which is potentially the world’s largest offshore wind market. The two companies are currently partnering in South Korea for a portfolio of floating offshore wind projects.      

Total’s future endeavours will be aimed at meeting its net-zero emissions goals by 2050. It is currently building a renewable energy portfolio that could account for 40 per cent of its sales by 2050. Currently, the company has a renewable portfolio with a cumulative capacity of 7 GW and look to take this figure up to 35 GW by 2025.