Wind power: Petrofac and Hitachi selected by TenneT, €13bn framework agreement
Petrofac and Hitachi Energy have won a €13 billion framework agreement with TenneT for six wind energy projects in the German-Dutch North Sea, marking the largest contract in Petrofac’s history and enabling TenneT to expand its offshore wind energy capacity.
| Sectors | Wind Energy, Offshore |
|---|---|
| Themes | Investments & Transactions, Contracts |
| Companies | Petrofac, Hitachi Energy, TenneT |
| Countries | United Kingdom, Japan, Netherlands |
Petrofac and Japan’s Hitachi Energy have been selected by TenneT for a €13 billion wind power framework deal, and the British oil and energy services group’s stock was soaring on the London Stock Exchange.
The “multi-year” agreement, “the largest in Petrofac’s history,” includes six projects, a statement said Thursday. With him, the Dutch TenneT intends to “expand its offshore wind capacity” in the “German-Dutch North Sea area”, the statement continues.
“Each project will be executed with a specific contract valued at more than 2 billion euros, split about half” between the British and Japanese, and the first contract was awarded at the same time as the framework agreement.
Petrofac’s share price was up 57.97% to 77.50 pence on the London Stock Exchange at around 09:00 GMT. In June, TenneT said it was launching a “large-scale” tender for an estimated order value of up to 30 billion euros to meet German and Dutch offshore wind targets.
The operator added that it would enter into a cooperation agreement with key market partners for “a period of up to eight years”, covering “offshore platforms and onshore stations, as well as converters”.
