REG-TotalEnergies SE United States: TotalEnergies Awarded a 20-year Contract to Supply 1.3 GW+ of Renewable Electricity to New Jersey

TotalEnergies SEAnnouncement

25/01/2024 07:30

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United States: TotalEnergies Awarded a 20-year Contract to Supply 1.3 GW+ of
Renewable Electricity to New Jersey

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) and its partner Corio
Generation (Corio) announce that the State of New Jersey selected their
Attentive Energy Two offshore wind project for a 20-year contract to supply
1.34 GW of renewable electricity to the state. The project will deliver
renewable power to over 650,000 homes.

Attentive Energy Two, a joint venture between TotalEnergies (70%) and Corio
(30%), received the award in the State’s third competitive OREC (Offshore
Renewable Energy Credits) solicitation, organized by the New Jersey Board of
Public Utilities (NJBPU). The development of the project is expected to
provide up to $105 million in community investments across the state, and the
partners are aiming for commissioning in 2031.

The profitability of the project is ensured by the guaranteed level of OREC
revenue, with a first year set price of $131 per MWh after the start of
commercial operations, inflated yearly by 3%, and the benefit of a 30% IRA tax
credit. The contract awarded by the NJBPU also includes a one-time inflation
adjustment mechanism to compensate for changes in construction costs
environment until the final investment decision.

“We are honored that the State of New Jersey chose Attentive Energy Two to
deliver reliable green electricity to New Jersey residents while contributing
to the local economy and offshore wind supply chain. This is another success
for us in the US electricity business, following the provisional award in
October 2023 of a 25-year supply contract by the State of New York to our
Attentive Energy One project,” said Vincent Stoquart, Senior Vice President
Renewables at TotalEnergies. “Both Attentive Energy One and Two will support
our operations in the attractive US power market, where we are developing a
portfolio of more than 25 GW of flexible and renewable projects. They will
also help us achieve our profitability target for this business segment of 12%
ROACE by 2028, as well as our ambition of delivering more than 100 TWh of
power generation by 2030.”

“The award of this long-term contract is a great achievement for Attentive
Energy and great news for the people of New Jersey,” said Jonathan Cole, CEO
of Corio Generation. “The Attentive Energy Two project will deliver clean,
green energy to hundreds of thousands of New Jersey residents and stimulate
billions of dollars of regional investment.”

In February 2022, TotalEnergies secured maritime lease OCS-A 0538 at the New
York Bight auction. It then partnered with New York-based electricity producer
Rise and global offshore wind developer Corio to join forces in the
development of the Attentive Energy offshore wind projects. In addition to the
Attentive Energy Two project in New Jersey, the lease’s 3 GW capacity will
serve the Attentive Energy One project in New York, which was provisionally
awarded a 25-year contract to supply 1.4 GW of renewable electricity to New
York in October 2023. These two projects aim to provide green electricity to
more than a million homes across both states.

***

TotalEnergies and electricity in the U.S

TotalEnergies is one of the top renewable energy developers in the United
States, with a portfolio of large-scale solar, storage, onsite B2B solar
distributed generation, onshore and offshore wind projects that are expected
to generate up to 10 GW of renewable power by 2025 and more than 25 GW by
2030. The Company also recently added 1.5 GW of flexible power production
capacity with the acquisition of three gas-fired power plants in Texas.

TotalEnergies and offshore wind

TotalEnergies’ portfolio in offshore wind has a total capacity of more than
16 GW, with most farms bottom-fixed. These projects are located in the United
Kingdom (Seagreen, Outer Dowsing, West of Orkney, Erebus), South Korea (Bada),
Taiwan (Yunlin, Haiding 2), France (Eolmed), the United States (Attentive
Energy and Carolina Long Bay), and Germany (N-12.1 and 0-2.2).

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our more than 100,000 employees are committed to energy that is
ever more affordable, cleaner, more reliable and accessible to as many people
as possible. Active in nearly 130 countries, TotalEnergies puts sustainable
development in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.

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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Universal Registration Document, the French-language version of which
is filed by TotalEnergies SE with the French securities regulator Autorité
des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).

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