A 50-50 joint venture between Australia’s GIG (Green Investment Group) and the French petroleum refining giant- Total has successfully obtained the rights to the seabed lease in the Eastern zone in the Round 4 of Offshore Wind Leasing of Crown Estate.
Notably, the project is likely to be located in the East Angilan coast of the UK and can deliver nearly 1.5 GW of renewable electricity. This marks a significant investment in the offshore wind sector for organizations in the UK.
Other benefits of the novel project include a significant boost in employment opportunities in the region along with helping UK meet its net zero emission targets. Moreover, it will also allow both the companies to expand their presence in the UK, which is an upcoming market for offshore winds in the Europe.
It is worth mentioning that both green Investment Group and Total are renewable energy investors and developers and carry expertise, technical capability, and a track record in the successful energy development to the proposed project.
Julien Pouget, Senior VP of Renewables, Total, was reportedly quoted stating that, this latest partnership with GIG and the proposed East Angilan project is till date the company’s largest renewables development in Europe and is a major step towards the petroleum giant’s 2050 net zero target.
Mark Dooley, Global Head of Green Investment Group, said that through the latest investment, the company aims at helping UK make a sustainable transition by establishing offshore wind as the foundation of its low-carbon energy system.
Mark further mentioned that the latest project add to the company’s growing portfolio of renewable developments across Europe and drives their global offshore and wind development profile to more than 13 GW.
Seemingly, both the companies have been granted the lease for an annual option fee of £83k per MW/year, during the course of development. There is also a Habitat Regulations Assessment of the possible impact of the project on the applicable nature conservation sites in the allocated region. After the successful conclusion of that process, the final agreement for lease will be signed in the year 2022.
Source Credit: https://www.businesswire.com/news/home/20210207005046/en/United-Kingdom-Offshore-Wind-Total-and-GIG-successful-in-securing-seabed-lease-rights-to-jointly-develop-1.5-GW-offshore-wind-project