TotalEnergies SE (NYSE:TOT, EPA:TTE) has penned a deal to partner with two companies on the development of a major offshore wind farm, set to be built near New York.
Corio Generation and Rise Light & Power have bought 27.7% and 16.3% of the project respectively, which will provide power for over a million homes in New York state and New Jersey.
TotalEnergies received US$420 million under the agreement, leaving it with a 56% stake in the project.
“TotalEnergies is delighted to partner with Corio and Rise to profitably develop a major offshore wind project that will provide greener energy,” the company said in a statement.
Rise will manage the project’s interconnector at the Ravenswood Generating Station, where the company’s gas generators will also begin being decommissioned.
“This iconic site, a pillar of New York City's energy system, will be transformed into a green energy hub,” TotalEnergies added.
Corio will offer its experience as an offshore wind developer meanwhile, TotalEnergies said, with the project making up part of the oil major’s 25GW portfolio pipeline.