The Fieldfisher Dublin Renewable Energy team have advised long-term client Simply Blue Group (SBG), a pioneer in floating offshore wind, on their most recent joint venture with TotalEnergies, a global multi-energy company. Known as TotalEnergies SBE US it is envisioned the partnership will unlock the vast potential for floating offshore wind projects in the United States.
The partnership will pursue up to 35 GW market opportunity for U.S. floating offshore wind power by 2040. Today, TotalEnergies has over 6 GW of offshore wind in development around the globe, of which over 40% is comprised of floating offshore wind including over 2 GW of floating wind projects in South Korea. Simply Blue Group has more than 3.2 GW of offshore wind in development off Ireland and the UK.
The venture will partner TotalEnergies’ expertise in large-scale offshore projects, Simply Blue Group’s floating know-how, and a team of pioneers of the U.S. offshore wind industry, to unlock untapped deep-water opportunities that will provide renewable electricity to millions of U.S. homes. The aim is to deliver the benefits of proven floating wind technology at utility-scale, and provide reliable, cost-competitive clean power to Americans.
Stéphane Michel, President, Gas, Renewables & Power at TotalEnergies commented: “Our ambition is to install 100 gigawatts of global renewable power generation by 2030, part of which will come from floating offshore wind projects. We are eager to see this partnership with Simply Blue help our Company meet this goal. We are convinced of the large potential of floating offshore wind to provide U.S. coasts with renewable electricity, and are committed to contribute our extensive expertise in offshore projects to make it happen.”
Speaking about the future ahead Sam Roch-Perks, CEO, Simply Blue Group remarked: “The future and next frontier of U.S. offshore wind is floating. This joint venture with TotalEnergies has everything we need to deliver floating offshore wind on America’s coasts. Almost two-thirds of U.S. offshore wind resources are found in deeper waters that require floating wind platforms. TotalEnergies SBE US brings together the scale, expertise, and international track record to responsibly develop floating offshore wind power on all of America’s coasts.”
Simply Blue's other projects on which Fieldfisher advised include the 96 MW Erebus and 300 MW Valorous projects off Wales, under the Blue Gem Wind joint venture with TotalEnergies; the 1.3 GW project off the south coast of Ireland being developed by the Emerald joint venture with Shell; and the 200 MW Salamander project off Scotland with Subsea 7. Fieldfisher also recently advised Simply Blue on its €15m corporate funding round with Octopus Renewables. In regards to the firm's role in this latest deal Feilim O'Caoimh, Head of Renewable Energy said:
"We are thrilled to have assisted our client Simply Blue Group (recent 'Sustainable Business of the Year Award' winners at the Causeway Exchange Awards!) on yet another exciting partnership. Floating offshore wind is the next 'big thing' within the Renewable Energy sector, and we look forward to continuing to support SBG as they harness its potential."
The Fieldfisher team who advised on the deal were Feilim O'Caoimh, Jamie Woodcock, Elaine Traynor and Amy Herbert.
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