REG-TOTAL Total Enters a 640 MW Offshore Wind Project Under Construction in Taiwan

TotalEnergies SEAnnouncement

29/04/2021 08:30

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Total Enters a 640 MW Offshore Wind Project Under Construction in Taiwan

 

Total has signed an agreement with wpd to acquire a 23% interest in Yunlin
Holding GmbH, the owner of Yunlin offshore wind farm located off the coast of
Taiwan, around 200 kilometers southwest of Taipei. The project, currently
under construction, represents production capacity of 640 megawatts (MW) and
benefits from a 20-year guaranteed-price power purchase agreement (PPA) with
the state-owned company Taipower of USD 250/MWh for the first 10 years and USD
125/MWh for the following 10 years(1). For this acquisition of a 23% interest,
Total will pay to wpd a consideration based on its share of past costs.

Located around 10 kilometers offshore at water depths ranging from 7 to 35
meters, the wind farm will comprise 80 wind turbines with a unit capacity of 8
MW. Construction is scheduled to be completed in 2022. Once on stream, the
project will produce 2.4 terawatt hours (TWh) of renewable electricity per
year, enough to serve the power needs of 605,000 households.

Procurement of the main components has been finalized and marine works are
under way. The project reached a major milestone with the installation of the
first wind turbine on April 23.

Identified by Taiwan’s authorities as a key area in the development of
renewable energies, offshore wind power will be a significant contributor to
the objective of generating 20% of its electricity from renewables by 2025
while fostering the emergence of a local wind power industry. Taiwan is one of
the priority regions selected by Total for its development in offshore wind
power in Asia.

“This agreement provides Total with an opportunity to gain a foothold in one
of Asia’s main offshore wind markets and strengthens the Group’s position
in this fast-growing segment, in line with its strategy of profitable
development in renewables worldwide,” said Stéphane Michel, President Gas,
Renewables & Power at Total. “Taiwan has been a pioneer in developing
offshore wind power in Asia, and we are proud to contribute to the
transformation of its energy mix. We are delighted to enter into this first
partnership with wpd, one of the leading independent developers of offshore
wind power.”

The project is currently 48%-owned by wpd, 25% by EGCO (Electricity Generating
Public Company Limited) and 27% by a consortium of Japanese investors led by
Sojitz (Sojitz Corporation, ENEOS Corporation, Chugoku Electric Power,
Chudenko Corporation and Shikoku Electric Power).

The acquisition, which is subject to government approval, will broaden the
Group’s portfolio of offshore wind projects under development and
construction, that currently represents a cumulative capacity of about 5.5 GW.

Total, renewables and electricity

As part of its ambition to get to net zero by 2050, Total is building a
portfolio of activities in renewables and electricity that should account for
up to 40 % of its sales by 2050. At the end of 2020, Total's gross power
generation capacity worldwide was around 12 GW, including 7 GW of renewable
energy. Total will continue to expand this business to reach 100 GW of gross
production capacity from renewable sources by 2030 with the objective of being
among the world's top 5 in renewable energies.

About Total

Total is a broad energy company that produces and markets fuels, natural gas
and electricity. Our 100,000 employees are committed to better energy that is
more affordable, more reliable, cleaner and accessible to as many people as
possible. Active in more than 130 countries, our ambition is to become the
responsible energy major.

Total Contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com
(mailto:presse@total.com) l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com (mailto:ir@total.com)

Cautionary Note

This press release, from which no legal consequences may be drawn, is for
information purposes only. The entities in which TOTAL SE directly or
indirectly owns investments are separate legal entities. TOTAL SE has no
liability for their acts or omissions. In this document, the terms
“Total”, “Total Group” and Group are sometimes used for convenience.
Likewise, the words “we”, “us” and “our” may also be used to refer
to subsidiaries in general or to those who work for them. 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 TOTAL 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.

 


(1) Based on a rate of 28 NTD/USD



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