REG-TotalEnergies SE United States: TotalEnergies Wins a 25-year Contract to Supply 1.4 GW of Renewable Electricity to New York

TotalEnergies SEAnnouncement

25/10/2023 07:45

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United States: TotalEnergies Wins a 25-year Contract to Supply 1.4 GW of
Renewable Electricity to New York

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) and its partners, Corio
Generation (Corio) and Rise Light & Power (Rise) announce that New York
State selected their Attentive Energy One project for a 25-year contract to
supply 1.4 GW of renewable electricity.

Attentive Energy One, a joint venture between TotalEnergies (40%), Rise (35%)
and Corio (25%), received the provisional award in the State’s 2023
competitive OREC (Offshore Renewable Energy Credits) solicitation, organized
by New York State Energy and Research Development Authority (NYSERDA). The
Consortium aims to commission this project in 2029.

NYSERDA has put a particular emphasis on the local content of the proposal:
the Attentive Energy One project will enable the construction of a new General
Electric facility to manufacture offshore wind blades and nacelles and unlock
$300 million in investments in various community-focused projects across New
York State. It will in addition turn the Ravenswood gas-fueled power plant
owned by Rise, into a clean energy hub at the heart of New York City.

The profitability of this project is ensured by the guaranteed level of OREC
revenue, the benefit of a 40% IRA tax credit, the secured access to New York
electricity grid brought by Rise and the local supply of turbines by General
Electric at a competitive set price. Moreover, the contract awarded by NYSERDA
will include an inflation adjustment mechanism to compensate for changes in
construction costs until the final investment decision.

“We are honored that the State of New York chose Attentive Energy One to
deliver on the promise of bringing green electricity to hundreds of thousands
of homes and businesses. Together with our partners Corio and Rise, we will
mobilize all our expertise to develop a major offshore wind project that will
contribute to New York State’s greenhouse gas emissions reduction
targets,” said Vincent Stoquart, Senior Vice President Renewables at
TotalEnergies. “Thanks to this project’s secured offtake price and
competitive advantages such as the 40% IRA tax credit and its very competitive
interconnection, Attentive Energy One project will contribute positively to
our Integrated Power profitability target of 12% and to our ambition of more
than 100 TWh of power generation by 2030.”

TotalEnergies had secured, in February 2022, 100% of 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.

The lease’s 3 GW capacity will serve two projects: Attentive Energy One,
which is dedicated to deliver New York State, and Attentive Energy Two, which
is dedicated to supply New Jersey. Together, these two projects aim to provide
green electricity to more than a million homes across both states.

***

TotalEnergies in the U.S

Operating in the United States since 1957, TotalEnergies is focused on
identifying opportunities to meet growing energy needs while reducing carbon
emissions. With a presence in more than 30 U.S. states, the Company is
developing an integrated portfolio combining 25 GW of operated and
non-operated solar and wind projects, storage, and trading. It is also the
number one U.S. exporter of LNG, a critical partner for intermittent renewable
energies.

TotalEnergies and electricity

As part of its ambition to get to net zero by 2050, TotalEnergies is building
a world class cost-competitive portfolio combining renewables (solar, onshore
and offshore wind) and flexible assets (CCGT, storage) to deliver clean firm
power to its customers. In 2022, TotalEnergies generated more than 33 TWh of
electricity, of which more than 10 TWh came from renewables. TotalEnergies
will continue to expand this business to grow its power generation to more
than 100 TWh by 2030, with the objective of being among the world's top
players in this sector.

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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