Total takes stake in new floating wind project

Bloomberg

Total SE took a stake in a French floating wind farm project, its third investment in the nascent industry this year as the oil and gas giant reshapes itself for a low-carbon future.
While wind farms built directly on the sea bed have become widespread and cost-competitive with other forms of energy, floating turbines that would allow clean electricity to be generated in deeper waters are a relatively new technology.
“This announcement once again demonstrates the group’s ambition and willingness to innovate in the field of renewable energies,” Julien Pouget, the head of renewables at Total, said in a statement. “Floating offshore wind is a very promising segment in which Total notably brings its extensive experience in offshore projects.”
Total bought a 20% interest in the 30-megawatt Eolmed project developed by Qair in the Mediterranean Sea, the company said. No price was given for the transaction.
European oil companies are ramping up investments in renewable energy as governments, consumers and investors demand swifter moves to tackle climate change. Last month, BP Plc and Equinor ASA formed an alliance to build offshore wind farms. Total first entered the floating-wind market this year, acquiring stakes in projects off South Korea and Wales.