French oil and gas giant TotalEnergies has made an agreement with European Energy to develop offshore wind projects across Denmark, Finland and Sweden.
The move includes significant equity stakes in two Danish wind projects and plans for further Nordic expansion.
TotalEnergies has acquired an 85% stake in the 240MW Jammerland Bugt offshore wind project and a 72.2% stake in the 165MW Lillebaelt South nearshore wind project, both in Denmark.
They are among the nine open-door projects confirmed by the Danish Energy Agency in December 2023.
The agency has granted exclusivity and grid connection permits for both sites, with final construction permits anticipated by mid-2024.
The two projects will be operational by 2030.
The electricity from these sites will be sold on the wholesale market or through corporate power purchase agreements, helping companies reduce their carbon emissions.
TotalEnergies and European Energy are also planning to form a joint venture to develop and operate large-scale offshore wind projects in Sweden and Finland.
They intend to participate in the forthcoming offshore wind tenders in Denmark, leveraging their combined expertise.
TotalEnergies brings to the partnership its experience in managing large-scale projects and its capabilities in marketing electricity in merchant markets.
European Energy adds its track record in developing greenfield projects and engaging with stakeholders in the Nordic region.
TotalEnergies renewables senior vice-president Vincent Stoquart stated: “We are delighted to expand our collaboration with European Energy.
“These new offshore wind projects in Denmark are aligned with our strategy of developing renewable projects in merchant countries at a competitive cost.
“This partnership will allow TotalEnergies to take advantage of European Energy's long-standing presence in northern Europe to expand its business there.”
TotalEnergies has also agreed to acquire Kyon Energy, a German battery storage developer, for €90m ($97.89m) plus earn-out payments linked to the achievement of development targets.
Established in 2021, Kyon Energy has developed projects totalling 770MW.
Of these, 120MW are currently in operation, 350MW are under construction and 300MW are at the ready-to-build stage.
It also has a pipeline of 2GW of projects in advanced stages of development.
