NY - TotalEnergies JV Bags 25-Year Wind Power Contract with NY
The Attentive Energy One project of TotalEnergies SE, Corio Generation, and Rise Light & Power, has been selected by New York State for a 25-year contract to supply 1.4 gigawatts (GW) of renewable electricity.
Attentive Energy One received the provisional award in the state’s 2023 competitive Offshore Renewable Energy Credits (OREC) solicitation, organized by the New York State Energy and Research Development Authority (NYSERDA). The consortium aims to commission the project in 2029, TotalEnergies said in a news release Wednesday. The project is a joint venture owned by TotalEnergies with a 40 percent interest, Rise with a 35 percent interest, and Corio with a 25 percent interest.
The Attentive Energy One project will enable the construction of a new General Electric facility to manufacture offshore wind blades and nacelles and unlock $300 million in investments in various community-focused projects across New York State. Further, the project aims to turn Rise’s Ravenswood gas-fueled power plant into a clean energy hub at the heart of New York City, according to the release.
TotalEnergies noted that the profitability of this project is ensured by the guaranteed level of OREC revenue, the benefit of a 40 percent Inflation Reduction Act (IRA) tax credit, the secured access to the New York electricity grid brought by Rise, and the local supply of turbines by General Electric at a competitive set price. Moreover, the contract awarded by NYSERDA will include an inflation adjustment mechanism to compensate for changes in construction costs until the final investment decision.
In February 2022, TotalEnergies secured 100 percent of maritime lease OCS-A 0538 at the New York Bight auction. Afterwards, it partnered with New York-based electricity producer Rise and global offshore wind developer Corio to join forces in the development of the Attentive Energy offshore wind projects. The lease’s 3 GW capacity will serve two projects: Attentive Energy One, which is dedicated to servicing New York State, and Attentive Energy Two, which is dedicated to supplying New Jersey. Together, these two projects aim to provide green electricity to more than a million homes across both states, the company said.
____________________
Read also
PGE and GE to test green hydrogen production using offshore wind turbine, Clean Fuel - Offshore Energy by Adnan Memija / October 26, 2023
_____________________
“We are honored that the State of New York chose Attentive Energy One to deliver on the promise of bringing green electricity to hundreds of thousands of homes and businesses”, TotalEnergies Senior Vice President Renewables Vincent Stoquart said. “Together with our partners Corio and Rise, we will mobilize all our expertise to develop a major offshore wind project that will contribute to New York State’s greenhouse gas emissions reduction targets”.
“Thanks to this project’s secured offtake price and competitive advantages such as the 40 percent IRA tax credit and its very competitive interconnection, [the] Attentive Energy One project will contribute positively to our Integrated Power profitability target of 12 percent and to our ambition of more than 100 TWh of power generation by 2030”, Stoquart added.
Launch of Solar Farm in Houston
Meanwhile, TotalEnergies has started commercial operations of Myrtle Solar, its utility-scale operated solar farm located south of Houston, Texas, the company said in a separate news release.
