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Total takes 20% stake in French wind farm project

FILE PHOTO: The logo of French oil and gas company Total is seen at a petrol station in Neuville Saint Remy, France, October 1, 2020. REUTERS/Pascal Rossignol

PARIS (Reuters) - Total TOTF.PA has taken a 20% equity stake in the Eolmed floating wind farm pilot project in France, which the French group said on Wednesday formed part of its broader plans to build up its presence in the wind power sector.

The 30 megawatts (MW) project is located in the Mediterranean, off the coast of Gruissan in France. The power company Qair is the majority shareholder in the project.

“This announcement once again demonstrates the group’s ambition and willingness to innovate in the field of renewable energies,” said Julien Pouget, director of renewables at Total.

Total did not disclose any financial details of the investment.

Last month, Total said it would hike its annual investments in renewable energy and electricity by 50% as it cuts its reliance on oil, emulating European rivals in a bid to become a major low-carbon power producer.

Total aims to have 35 gigawatts (GW) in gross renewable energy production capacity by 2025, up from a previous target of 25GW. The company has said that 70% of this target has already been accounted for, including projects still under construction.

Reporting by Sudip Kar-Gupta, editing by Louise Heavens

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