(Boursier.com) — TotalEnergies and its partner Corio Generation announce that New Jersey has selected their Attentive Energy Two offshore wind project for a 20-year contract to supply 1.34 GW of renewable electricity to the state . “Thanks to this project, more than 650,000 homes will be able to be supplied with renewable electricity,” indicates the Frenchman.
Attentive Energy Two, a joint venture owned by TotalEnergies (70%) and Corio (30%), won the third call for tenders for ORECs (offshore renewable energy credits) organized by the state’s public networks agency of New Jersey (NJBPU). The development of the project is expected to generate up to $105 million in investment in the local economy and the consortium is targeting commissioning in 2031.
The profitability of the project is ensured by the guaranteed level of income from ORECs, at a price of $131 per MWh the first year following the start of commercial operations, with an annual increase of 3%, as well as a tax credit of 30? % under the Inflation Reduction Act (IRA). The contract awarded by the NJBPU also includes a one-off adjustment mechanism intended to compensate for the increase in construction costs until the final investment decision.
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