11:20 AM EDT, 06/21/2024 (MT Newswires) -- TotalEnergies (TTE) said Friday that, as a shareholder of Offshore Wind One, it has been awarded maritime concession N-11.2 covering 156 square kilometers in the North Sea by the German Federal Network Agency, allowing the development of a 3.5 GW offshore wind hub.

Offshore Wind One will pay 196 million euros ($209.4 million) to the German government by June 2025 and an annual contribution for 20 years of 88 million euros to the electricity transmission system operator, TotalEnergies said.

The concession is for 25 years but can be extended up to 35 years, TotalEnergies said.

Shares of the company were down 0.4% in recent trading.

Price: 66.23, Change: -0.25, Percent Change: -0.38