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.

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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”.

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