Exhibit 99.1
RECENT DEVELOPMENTS
TOTAL joins the “Getting to Zero Coalition” to contribute to shipping industry’s decarbonization
On June 8, 2020, Total S.A. (together with its direct and indirect consolidated companies located in or outside of France, “TOTAL” or the “Group”) announced ithas joined the Getting to Zero Coalition to support the maritime industry’s decarbonisation by collaborating with companies across the maritime, energy, infrastructure and finance sectors.
The Getting to Zero Coalition’s ambition is to help achieve the target set by the International Maritime Organisation to reduce Greenhouse Gases emissions from shipping by at least 50% by 2050 - compared to 2008 levels. To that extent, the Coalition is aiming, through its members, at getting commercially viabledeep-seazero-emission vessels powered byzero-emission fuels into operation by 2030.
Joining the Coalition marks a step further in TOTAL’s commitment alongside its customers in the maritime sector and underlines the Group’s will to act on their energy demand, by supporting them in their own emissions’ reductions. Leveraging its expertise, TOTAL will contribute in to the Coalition’s focus areas including fuels, marine lubricants, and shipzero-emission technologies.
TOTAL is already actively working on improving the environmental footprint of the shipping industry, through the development of marine LNG supply infrastructure, fuel-efficient lubricants, biofuels and batteries. It has also recently announced the long term chartering of 2LNG-propelled VLCCs.
TOTAL enters into a giant offshore wind farm project in Scottish North Sea
On June 03, 2020, TOTAL announced it entered into an agreement with SSE Renewables, to acquire a 51% stake in the Seagreen 1 offshore wind farm project for an upfront payment at closing of £70 million and earn-outs up to £60 million in aggregate subject to performance conditions. The 1,140 megawatts (MW) project simultaneously reached a final investment decision and financial close. The purchase agreement also covers a potential extension opportunity of up to 360 MW.
Located 27 kilometers from the coastline in Scottish waters of UK North Sea, Seagreen 1 has secured all necessary major permits and onshore construction began in Q1 2020. Designed to cover the energy needs of around 1 million homes, the project will start producing renewable electricity from end of 2022. Once completed, it will be Scotland’s largest offshore wind farm. The project represents a global investment of around $3.7 billion. TOTAL has secured close to 70% of external financing for its 51% stake.
Seagreen 1 benefits from a15-year CfD (Contract for Difference) awarded by the UK Government for 454 MW, representing 42% of the total project capacity. An additional 30% of the project capacities will also be contracted under a private CfD with the SSE Group. Both contracts contribute to securing project revenues.
The transaction remains subject to conditions precedent, including public authorities approval and is expected to be finalized by July 2020.