TotalEnergies SE is weighing taking a stake in what will be the world’s largest offshore wind farm, according to people familiar with the matter, as the French oil major continues to flex its green credentials.
Paris-listed TotalEnergies could buy a roughly 20% stake in the third phase of the Dogger Bank wind project in the North Sea, which is being developed by U.K.-listed SSE Plc and Norway’s Equinor ASA, the people said.
Deliberations are ongoing, and no final decisions on the size of any stake purchase have been made, according to the people, who asked not to be identified discussing confidential information.
Offshore wind farms have become coveted assets among investors and energy companies looking to buy into the transition away from fossil fuels. The 3.6-gigawatt Dogger Bank project will provide enough low carbon power for up to 6 million U.K. homes when it completes later this decade.
[Dinesh Nair and Rachel Morison]