German energy company Energie Baden-Württemberg (EnBW) has announced plans to sell its US subsidiary EnBW North America, together with its assets, to its partner TotalEnergies.
After divesting the business to TotalEnergies, EnBW plans to focus on future offshore wind activities in the European market.
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The financial details of the deal have not been disclosed.
EnBW said that it aims to support TotalEnergies’ US activities in the upcoming months.
EnBW Power Generation and Portfolio Development senior vice-president Michael Class said: “We are pleased to have been able to contribute our offshore expertise and experience to this joint success.
“At the same time, now is also the right time for us to realign our offshore activities with a focus on the European market.
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By GlobalData“We would like to thank our partner TotalEnergies for the excellent cooperation and congratulate them on this auction success.
“We will continue to support our partner with our expertise and look forward to further future collaborations.”
The announcement comes after EnBW North America and Total Energies won bids in the US Bureau of Ocean Energy Management’s (BOEM) recent New York Bight land lease auction.
EnBW is currently developing the 900MW He Dreiht wind farm in the German North Sea.
In the last two years, the company has also won bids in England, Wales and Scotland for developing three offshore wind farms with a total capacity of nearly 6GW.
Last month, EnBW announced that it was exploring options to sell a 49.9% stake in transmission system operator TransnetBW.
The company is seeking a long-term investment partner to fund the expansion of its power grid business in view of the global energy and mobility transition.
EnBW plans to invest a total of around €12bn ($13.4bn) in this expansion by 2025, more than €6bn ($6.7bn) of which will be used to finance electricity and gas grids.
