Jun 4, 2020 - Energy & Climate

Oil giant Total's new push into offshore wind

Ben Geman

wind farm Baltic shore — A wind farm off the Baltic coast. Photo: Axel Schmidt/Getty Images

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.

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Oil giant Total's new push into offshore wind

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