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A Total gas station. Photo: Pascal Le Segretain/Getty Images

The oil-and-gas giant Total said Thursday it's acquiring an 80% stake in a planned floating wind project off the coast of Wales.

The state of play: Total said the deal with the developer Simply Blue Energy will make it one of the "first movers in this technology in the UK, the world’s largest offshore wind market."

  • The France-based multinational giant said it sees lots of potential in floating, as opposed to fixed-bottom, projects because they enable access to sites further offshore with strong winds.
  • Terms of the deal around the planned 96-megawatt Erebus project were not disclosed.

Meanwhile, solar company Lightsource BP — which BP half-owns — also said Thursday that it has completed a $250 million financing package for a 260-megawatt project 120 miles northeast of Dallas, Texas.

Why it matters: BP said the deal's structure shows solar's competitiveness and will leverage the company's other capabilities.

  • The power from the Lightsource BP project will be traded through a long-term agreement with BP.
  • "By ensuring a long-term price for the power BP ensures the project can be financed upfront," a project representative tells Axios.

The big picture: BP's incoming executive VP for low-carbon energy, Dev Sanyal, said in a statement that "power offtake structures widely and historically used for conventional generation are now gaining traction for solar energy projects."

  • HSBC Bank USA, National Westminster Bank PLC and Bank of America were all involved in the financing.

Go deeper: Climate activists target Amazon, Google and Microsoft

Go deeper

Dan Primack, author of Pro Rata
2 mins ago - Economy & Business

Stuart Haselden steps down as CEO of luggage startup Away

Away co-founder Jen Rubio, who will step in as interim CEO. Photo by Craig Barritt/Getty Images for Glamour

Stuart Haselden is stepping down as CEO of smart luggage-maker Away, Axios has learned. He'll be succeeded on an interim basis by company co-founder Jen Rubio, and an outside search firm has been retained to find a permanent successor.

Why it matters: Haselden, formerly with Lululemon, appeared to have established executive stability at Away, whose co-founder Steph Korey previously resigned as CEO before retaking the reins alongside Haselden and then resigning again.

Kendall Baker, author of Sports
2 hours ago - Sports

2021 Tokyo Olympics hang in the balance

Illustration: Aïda Amer/Axios

10 months ago, the Tokyo Olympics were postponed. Now, less than six months ahead of their new start date, the dreaded word is being murmured: "canceled."

Driving the news: The Japanese government has privately concluded that the Games will have to be called off, The Times reports (subscription), citing an unnamed senior government source.

Biden's centrist words, liberal actions

Illustration: Sarah Grillo/Axios

President Biden talks like a soothing centrist. He promises to govern like a soothing centrist. But early moves show that he is keeping his promise to advance a liberal agenda.

Why it matters: Never before has a president done more by executive fiat in such a short period of time than Biden. And those specific actions, coupled with a push for a more progressive slate of regulators and advisers, look more like the Biden of the Democratic primary than the unity-and-restraint Biden of the general election.

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