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Total, Macquarie Joint Venture Obtains Seabed Lease Rights to UK Offshore Wind Project

· 02/07/2021 23:54

04:50 AM EST, 02/08/2021 (MT Newswires) -- Total (TOT) said premarket Monday that its joint venture with Macquarie's Green Investment Group has been awarded rights to a seabed lease in the Crown Estate's Offshore Wind Leasing Round 4 off the UK's East Anglian coast.

The lease was awarded to the joint venture for an annual option fee of GBP83,000 ($113,793) per MW/year, during the development phase, the company said.

The project, which could deliver up to 1.5 GW of renewable electricity, marks both companies' expansion in the UK.

Final agreements for the lease will be signed sometime next year after authorities conclude their assessment on the project's impact on relevant nature conservation sites, Total said.

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