2023-03-30 07:55:02 ET
Petrofac ( OTCPK:POFCF ) ( OTCPK:POFCY ) and Hitachi Energy ( OTCPK:HTHIY ) ( OTCPK:HTHIF ) said Thursday they were awarded a multiyear agreement worth ~€13B ($14.1B) from Dutch-German electricity grid operator TenneT to supply offshore platforms and onshore converter stations.
The framework agreement covers six projects, with each to be completed under a standalone contract valued at more than €2B, split roughly equally between the two companies.
Petrofac ( OTCPK:POFCF ) ( OTCPK:POFCY ) said it would undertake the engineering, procurement, construction and installation of the offshore platforms and elements of the onshore converter stations, while Hitachi ( OTCPK:HTHIY ) ( OTCPK:HTHIF ) will supply converter stations.
TenneT has been engaged to connect about two-thirds of the 65 GW in offshore wind capacity targeted by Germany, the Netherlands, Denmark and Belgium by 2030.
Hitachi ( OTCPK:HTHIY ) ( OTCPK:HTHIF ) is set to benefit from China's reopening and secular tailwinds, Valkyrie Trading Society writes in an analysis published on Seeking Alpha .
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Petrofac, Hitachi Energy win €13B deal to expand offshore wind capacity