Total Buys Stake in First Floating Wind Project; AGM to Be Held May 29

   By Mauro Orru 
 

Total SA said Thursday that it has signed an agreement with developer Simply Blue Energy to buy an 80% stake in the Erebus floating wind project in the Celtic Sea, U.K.

The French oil major didn't disclose financial details but said the acquisition marked its foray into floating offshore wind, with the 96MW project to be installed at a water depth of 70 meters.

Total said its ordinary and extraordinary shareholders' meeting would be held on May 29, urging shareholders not to physically attend but to exercise their voting rights by post or through the internet due to the coronavirus pandemic.

The company said its board of directors would propose mandate renewals for Patricia Barbizet, Marie-Christine Coisne-Roquette and Mark Cutifani as directors for period of three years at the meeting.

The board will also propose the appointment of Jerome Contamine as director and is considering appointing Ms. Coisne-Roquette as lead independent director to succeed Ms. Barbizet.

Peugeot SA Chief Executive Carlos Tavares didn't request the renewal of his mandate as director, Total said.

Total added that the board would submit a request to convert the company into a European company adopting the SE legal status, saying it would "reflect more accurately the economic and social reality of the group and fully recognize its European dimension."

Write to Mauro Orru at [e-mail]; @MauroOrru94

(END) Dow Jones Newswires

March 19, 2020 03:51 ET (07:51 GMT)

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