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TotalEnergies (NYSE:TTE) and partner SSE Renewables (OTCPK:SSEZY) said on Tuesday they produced the first power generation from their Seagreen wind farm off the coast of Angus in Scotland.
The $4.3B Seagreen project will be Scotland's largest offshore wind farm and the world's deepest fixed bottom wind farm, according to TotalEnergies (TTE), which has been increasing its presence in renewable energy and shifting away from its traditional oil and gas businesses.
When the 1,075 MW wind farm is fully operational, it will produce ~5 TWh/year of renewable electricity, enough to power the equivalent of 1.6M households.
"This milestone will contribute directly to our objective of reaching 35 GW of renewable electricity capacity worldwide by 2025," TotalEnergies (TTE) said.
TotalEnergies (TTE) has more oil reserves and lower operating costs than Chevron, but trades at a 45% discount, Jordan Sauer writes in a bullish analysis posted recently on Seeking Alpha.