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March 3, 2022

TotalEnergies joins Castle Wind offshore joint venture in US

The JV will build the floating offshore wind facility to supply clean energy to California.

France-based oil and gas company TotalEnergies has announced that it has joined the Castle Wind joint venture (JV) in the US along with Trident Winds.

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Castle Wind was formed to create a floating offshore wind farm, with a proposed capacity of 1GW, to deliver renewable energy to the state of California.

TotalEnergies entered the JV after purchasing shares that were previously held by EnBW North America.

The JV aims to build the floating offshore wind facility offshore from Morro Bay, off the Central California Coast.

TotalEnergies US Offshore Wind head David Foulon said: “TotalEnergies is pleased to bring our global expertise in deploying efficient, large-scale offshore assets to Castle Wind in California.

“The work completed by the teams in the last years has laid a solid foundation with the local communities, and we look forward to working with them to bring clean energy to the state.

“This partnership in Castle Wind is another important step for TotalEnergies to contribute to the US offshore wind industry ramp-up and fulfil its global ambition of becoming a top-five producer of renewable energy worldwide by 2030.”

Castle Wind intends to participate in the US Bureau of Ocean Energy Management’s (BOEM) anticipated lease sale later this year.

Castle Wind CEO Alla Weinstein said: “Castle Wind welcomes TotalEnergies with its deep commitment to renewable energy to the joint venture and the project team.

“TotalEnergies’ experience and expertise, with over 10GW of offshore wind projects under development, will be invaluable as we work towards making offshore wind a reality in California.”

In a separate development, TotalEnergies has stated that it will no longer provide capital for new projects in Russia as a response to Russia’s invasion of Ukraine.

Reuters reported that the company ‘supports the scope and strength of the sanctions put in place by Europe and will implement them regardless of the consequences’.

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Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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