By Pierre Bertrand

TotalEnergies signed a new agreement with European Energy for the development of offshore wind projects in Denmark, Finland and Sweden.

Under the agreement, the French oil and gas major will acquire a respective 85% and 72.2% stake in the Jammerland Bugt offshore and Lillebaelt South nearshore wind projects in Denmark.

TotalEnergies didn't disclose financial details.

The final construction permits for both projects are expected in mid-2024, with start up expected by 2030.

The company said the 240 megawatts and the 165 megawatts from the Jammerland Bugt and the Lillebaelt South projects, respectively, will be directly sold on the electricity wholesale market or through corporate power purchase agreements.

TotalEnergies and European Energy also intend to "develop and operate new large scale offshore wind projects in Sweden and Finland through a joint-venture, and to bid for the upcoming offshore wind tenders in Denmark."

This agreement follows a previous agreement from September between TotalEnergies and the renewable energy project developer, European Energy, to jointly develop, build and operate onshore renewable projects.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

January 23, 2024 02:59 ET (07:59 GMT)

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