French energy giant Total signed an agreement with renewable energy developer Simply Blue Energy to acquire an 80% stake in the Erebus floating offshore wind project in the Celtic Sea in Wales, the company announced on Thursday.
This makes the company one of the first movers in this technology in the U.K., the world's largest offshore wind market, according to the company's statement.
The company, which did not disclose the value of the agreement, said the project will have 96 megawatts of capacity and will be installed in an area with water depth of 70 meters.
'With its entry into floating offshore wind, Total confirms its ambition to contribute to the development of renewable energy worldwide,' Patrick Pouyanne, chairman and CEO of Total, said.
'Floating offshore wind is an extremely promising and technical segment where Total brings its extensive expertise in offshore operations and maintenance,' he said.
'Total has the appropriate skills to meet the technological and financial requirements that determine the success of future floating offshore developments,' Pouyanne added.
Total, which integrated climate change into its strategy, is staying ahead of new energy market trends by building a portfolio of low-carbon businesses that could account for 15 to 20% of its sales by 2040.
By Firdevs Yuksel