Oil giant Total's new push into offshore wind
The huge multinational oil-and-gas company Total plans to acquire a 51% stake in a very large offshore wind project slated for construction off the Scottish coast called Seagreen 1.
The state of play: The project 1.14-gigawatt project is slated to begin operation at the end of 2022 and will produce enough energy for roughly 1 million homes, Total said.
Why it matters: The French giant's deal with SSE Renewables, which includes an initial $88 million payment, is the latest sign of how European-headquartered oil-and-gas majors are increasingly investing outside their core business.
- Per Bloomberg, it's Total's "first significant foray into offshore wind" as the company expands its overall green energy investments.
But, but, but: While the European majors are more active on climate and low-carbon energy than U.S.-based rivals Exxon and Chevron, the moves beyond fossil fuel still represent a very small part of their overall spending.