By Pierre Bertrand

TotalEnergies, through its shareholding in Offshore Wind One, was awarded a maritime lease in the North Sea to develop 1.5 gigawatts of wind energy.

The concession, granted to Offshore Wind One by Germany after auction is around 120 kilometers, or 75 miles, northwest of the German archipelago of Heligoland. It covers an area of around 156 square kilometers, or around 60.2 square miles.

The award paves the way for the French energy company to build a 3.5 gigawatt offshore wind hub in the German North Sea, it said.

The concession will last for 25 years and is extendable to 35 years, TotalEnergies said.

Offshore Wind One will pay the German government 196 million euros ($209.7 million), which will spent on marine conservation and environmentally-friendly fishing, the company said. Upon commissioning, it will also pay EUR88 million annually for 20 years to the electricity transmission system operator connecting the wind farm.

Write to Pierre Bertrand at

(END) Dow Jones Newswires

06-21-24 0933ET