Paris-based TotalEnergies on Monday said it is partnering with U.K.-based offshore wind developer Corio Generation and New York-based electricity provider Rise Light & Power for the joint development of a wind project off the coast of New Jersey and New York.
Corio and Rise took respective stakes of 27.7% and 16.3% in the Attentive Energy project. Rise also will contribute its assets and interconnection capabilities in New York City to the project.
In exchange, TotalEnergies, which retains the remaining 56%, received a total cash consideration of $420 million. TotalEnergies had secured, in February 2022, 100% of maritime lease OCS-A 0538 at the New York Bight auction.
Under the terms of the agreement, Rise will manage the project’s interconnection at its Ravenswood Generating Station and begin the retirement of its gas generators. The site will be transformed into a green energy hub where Attentive Energy will base its operations and maintenance activities.
The Attentive Energy project aims to develop more than 3 gigawatts of offshore wind capacity located 54 miles off the shore of New York state and 42 miles off the Shore of New Jersey. Once built, the project will provide green electricity for more than 1 million homes across the states.
TotalEnergies said the partnership “reinforces its ability, as operator, to deliver a robust offshore wind project with attractive returns, which will help supply green electricity to New York City.”
Corio will bring its extensive experience as a global offshore wind developer. It has more than 30 GW under development in Europe, the Asia Pacific and Americas.
“TotalEnergies is delighted to partner with Corio and Rise to profitably develop a major offshore wind project that will provide greener electricity to the residents of New York and New Jersey,” Vincent Stoquart, senior vice president, renewables, at TotalEnergies, said. “This partnership reinforces TotalEnergies’ capacity to actively develop its presence in the U.S. renewables space, where the company has a 25 GW portfolio of projects, in operation or development, including 4 GW in offshore wind. We are also happy to contribute, through the Attentive Energy project, to the reduction of greenhouse gas emissions in New York and New Jersey and support the U.S. government’s goal to develop 30 GW of offshore wind in the country by 2030.”