Total Buys 20% Stake In Eolmed Floating Offshore Wind Farm Pilot Project In France

(RTTNews) - Total SA (TTA.L, TTFNF.PK, TOT) announced Wednesday the acquisition of a 20 percent stake in the Eolmed floating Offshore wind farm pilot project in France. The financial terms of the deal were not disclosed.

The 30 megawatts project is located in the Mediterranean, off the coast of Gruissan and near Port-La-Nouvelle in Occitan region. Qair is the historical developer and majority shareholder of the project, which was attributed in July 2016 to accelerate the development of a floating wind technology.

Julien Pouget, Director Renewables of Total, stated, "Floating offshore wind is a very promising segment in which Total notably brings its extensive experience in offshore projects. Together with our partner Qair, we have the necessary resources to meet the technological and financial challenges that will determine our future success."

Total's latest investment is part of its ambition to get to net zero by 2050. The company is building a portfolio of activities in electricity, renewable in particular, that could account for up to 40 percent of its sales by 2050.

By the end of 2020, Total's gross power generation capacity worldwide will be around 12 gigawatts, including about 7 gigawatts of renewable energy.