TotalEnergies wins a Major Contract, in partnership with Corio Generation (Corio) and Rise Light & Power (Rise). The State of New York has selected their Attentive Energy One project for a 25-year contract. It aims to supply 1.4 GW of renewable electricity. This major decision was taken in the context of the 2023 OREC (Offshore Renewable Energy Credits) call for tenders. It was organized by the New York State Energy and Research Development Authority (NYSERDA).
A locally-focused vision
The project, a joint venture between TotalEnergies (40%), Rise (35%) and Corio (25%), aims to be operational by 2029. NYSERDA chose this project largely because of its commitment to the local community. It will enable the construction of a General Electric factory for offshore wind turbines. These generate $300 million in investments in community projects across New York State. In addition, it will transform Rise’s Ravenswood gas-fired power plant into a clean energy hub in New York.
Profitability Guarantees
The level of OREC income guarantees the profitability of this project. This includes the benefits of a 40% IRA tax credit, secure access to the New York power grid provided by Rise, and the local supply of turbines by General Electric at a competitive price. In addition, the contract awarded by NYSERDA will include an inflation adjustment mechanism to compensate for variations in construction costs up to the final investment decision.
TotalEnergies’ commitment
Vincent Stoquart, Senior Vice President of Renewables at TotalEnergies, said, “We are honored that New York State has chosen Attentive Energy One to deliver on the promise of bringing green electricity to hundreds of thousands of homes and businesses. Together with our partners Corio and Rise, we will mobilize all our expertise to develop a major offshore wind project that will help reduce New York State’s greenhouse gas emissions.”
A Greener Future for New York
In February 2022, TotalEnergies secured 100% of the OCS-A 0538 marine lease at the New York Bight auction. Similarly, it has teamed up with New York-based power producer Rise and global offshore wind developer Corio to collaborate on Attentive Energy offshore projects. The lease’s total capacity of 3 GW will be used for two projects. Attentive Energy One, for the State of New York, and Attentive Energy Two, for the State of New Jersey. Together, these two projects aim to provide green electricity to over a million homes in the two states.
These headings help to divide content into clear sections, making it easier for readers to read and understand.
