By Giulia Petroni
TotalEnergies announced that it has secured a 25-year contract to provide 1.4 gigawatts of renewable electricity to the state of New York through its U.S. joint venture, Attentive Energy One.
Joint Venture Partnership
The French energy major revealed that Attentive Energy One, a joint venture between TotalEnergies, Corio Generation, and Rise Light & Power, plans to commence the project in 2029. TotalEnergies holds a 40% stake in the venture, while Corio Generation and Rise Light & Power own 25% and 35%, respectively.
Project Details
The Attentive Energy One project includes the construction of a new facility by General Electric to manufacture offshore wind-turbine blades and streamlined casings called nacelles. Additionally, the project aims to attract $300 million in investments for various initiatives across the state of New York. Moreover, it envisions transforming Rise Light & Power’s Ravenswood gas-fueled power plant into a clean-energy hub.
Tax Benefits
This significant renewable energy project will benefit from a tax credit under the Inflation Reduction Act, which amounts to 40% of the project’s costs.
Financial specifics of the agreement were not disclosed.