France’s Oil Major Is Stepping Up Green Push With Wind Purchase
(Bloomberg) -- French oil major Total SA has purchased a wind-farm developer that’s set to have 250 megawatts of wind power capacity online by 2025.
The move offers more proof that the company will maintain its ambition to scale up its renewable power generation capacity despite pressure from the spread of the coronavirus and the plunge in oil markets.
While Total decided to reduce its planned investment in oil and gas production, refining, petrochemical, and marketing by $3.3 billion this year to ride out the oil price slump, it’s sticking to plans to invest as much as $2 billion this year on its renewable and low-carbon electricity business to keep preparing for the energy transition, Chief Executive Officer Patrick Pouyanne said.
The purchase by Total of Global Wind Power France is the company’s second clean power deal in as many days after it announced taking a majority stake in a floating wind farm project off the coast of Wales on Thursday. Financial details of the GWP France deal weren’t disclosed.
GWP France has a pipeline of onshore wind power projects with a total capacity of 1,000 megawatts, including 250 megawatts that’s set to be generating power by 2025. The first of the projects will come online next year.
Total had stakes in 3 gigawatts of renewable-power capacity at the end of last year. It’s seeking to double that in 2020 and targets 25 gigawatts by 2025.
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