TotalEnergies SE (TTE) Files for Authorization to Build 1.5 GW Offshore Wind Farm in France

TotalEnergies SE (NYSE:TTE) is one of the Best Low Cost Stocks to Buy According to Hedge Funds. On May 28, TotalEnergies SE (NYSE:TTE) reported that the company has officially filed for authorization to build a 1.5 GW offshore wind farm off the coast of Normandy, France. This update comes eight months after the French State awarded the project to the company’s subsidiary, Centre Manche Énergies.

​Management noted that the filing includes technical and environmental surveys, a preliminary design, and an installation program. Moreover, management also highlighted that the environmental impact assessment was shaped by stakeholder consultations and ongoing discussions with government departments. As a result of this submission, the project has now entered a formal review phase, where authorities will examine the submitted dossier.

​The company highlighted that once operational, the wind farm is expected to generate around 6 TWh of electricity annually, enough to power over one million French homes. The project is located almost 40 km offshore and is recognized as one of the largest renewables projects ever built in France. Lastly, management noted that the total investment for the project is around €4.5 billion and is expected to employ up to 2,500 workers during the three-year construction phase.

​TotalEnergies SE (NYSE:TTE) is a global multi-energy company that produces and markets oil, biofuels, natural‍ gas, renewables, and electricity.

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