TotalEnergies, Green Investment Group and RIDG secure ScotWind leasing rights to develop a 2 GW windfarm in Scotland
The joint venture between TotalEnergies (38.25%), Macquarie’s Green Investment Group (GIG) (46.75%) and RIDG (15%), a scottish developer in offshore wind, successfully secured rights in the N1 area to develop a 2 GW offshore windfarm project in the ScotWind leasing round, according to the company's release. The West of Orkney Windfarm will be located 30km off the west coast of Orkney in Scotland.
This project, which aims to start producing renewable power by 2030, represents potentially more than GBP£4 billion of investment.
As part of this development, the partners will unlock a £140m initiative to support the development of the local supply chain, including the enhancement of ports and harbor infrastructure in Orkney and Caithness. This will ensure high levels of local content and actively promote employment and innovation in the region.
The consortium has already undertaken extensive site investigations, especially in relation to the environment, to ensure that the project fully meets its sustainable development objectives. The consortium has also finalized a grid connection agreement with National Grid.
Once built, the windfarm could also deliver renewable power to the Flotta Hydrogen Hub, a proposed large-scale green hydrogen production facility in Orkney.
The West of Orkney Windfarm is the fourth major offshore wind project that TotalEnergies has embarked on in the UK since 2020. The Company now has interests in projects with around 5 GW of potential capacity under development and construction in the UK. These projects will come on stream between 2023 and 2030.
To date, Macquarie and GIG have supported more than half of UK offshore wind generation capacity in operation. GIG has invested in over 30 green energy projects in Scotland, supporting hundreds of sustainable Scottish jobs.
About Macquarie’s Green Investment Group
Macquarie’s Green Investment Group (GIG) is a specialist in green infrastructure principal investment, project development and delivery, green impact advisory and the management of portfolio assets. Its track record, expertise and capability make it a global leader in green investment and development, dedicated to accelerating the green transition. In April 2022, GIG will operate as part of Macquarie Asset Management (MAM). This move will bring together market leading expertise across the energy transition spectrum and connect GIG with the capital of the world’s largest investors to accelerate the green transition and deliver a net zero future.
TotalEnergies is already developing a portfolio of offshore wind projects with a total capacity of more than 6 GW, of which 2/3 are bottom-fixed and 1/3 are floating. These projects are located in the United Kingdom (Seagreen project, Outer Dowsing, Erebus), South Korea (Bada project), Taiwan (Yunlin project), and France (Eolmed project). The Company has also been qualified to participate in competitive tenders in the US, UK, France and will also participate in a tender in Norway.
As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in renewables and electricity. At the end of 2021, TotalEnergies' gross renewable electricity generation capacity is more than 10 GW. TotalEnergies will continue to expand this business to reach 35 GW of gross production capacity from renewable sources and storage by 2025, and then 100 GW by 2030 with the objective of being among the world's top 5 producers of electricity from wind and solar energy.
About TotalEnergies
TotalEnergies is a broad energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity. Active in more than 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.
About RIDG
RIDG – Renewable Infrastructure Development Group – was established as an independent, specialised offshore wind project development company with the knowledge and experience to identify, design and deliver high quality consented assets for strategic partners to build and operate.
RIDG presents a simpler, leaner and more flexible approach to project development, one that draws upon the strengths of both established and emerging suppliers to deliver projects safely, efficiently and cost effectively.