The state of New Jersey has selected the Attentive Energy Two offshore wind project to supply 1.34 GW of renewable electricity to the state, which will deliver renewable power to over 650,000 homes.
Attentive Energy Two, a joint venture between TotalEnergies (70 per cent) and Corio (30 per cent), received the award in the state’s third competitive OREC (Offshore Renewable Energy Credits) solicitation, organised by the New Jersey Board of Public Utilities (NJBPU).
The development of the project is expected to provide up to $105 million in community investments across the state, and the partners are aiming for commissioning in 2031.
The profitability of the project is ensured by the guaranteed level of OREC revenue, with a first-year set price of $131 per MWh after the start of commercial operations, inflated yearly by 3 per cent, and the benefit of a 30 per cent IRA tax credit.
The 20-year contract awarded by the NJBPU also includes a one-time inflation adjustment mechanism to compensate for changes in the construction costs environment until the final investment decision.
TotalEnergies Renewables Senior VP Vincent Stoquart said: “We are honoured that the State of New Jersey chose Attentive Energy Two to deliver reliable green electricity to New Jersey residents while contributing to the local economy and offshore wind supply chain.
“Both Attentive Energy One and Two will support our operations in the attractive US power market, where we are developing a portfolio of more than 25 GW of flexible and renewable projects.
“They will also help us achieve our profitability target for this business segment of 12 per cent ROACE by 2028, as well as our ambition of delivering more than 100 TWh of power generation by 2030.”
In February 2022, TotalEnergies secured the maritime lease OCS-A 0538 at the New York Bight auction.
It then partnered with New York-based electricity producer Rise and global offshore wind developer Corio to join forces in the development of the Attentive Energy offshore wind projects.
In addition to the Attentive Energy Two project in New Jersey, the lease’s 3 GW capacity will serve the Attentive Energy One project in New York, which was provisionally awarded a 25-year contract to supply 1.4 GW of renewable electricity to New York in October 2023.
These two projects aim to provide green electricity to more than a million homes across both states.
Corio Generation CEO Jonathan Cole said: “The Attentive Energy Two project will deliver clean, green energy to hundreds of thousands of New Jersey residents and stimulate billions of dollars of regional investment.”
