The German network regulator announced on Friday that TotalEnergies, a major oil company, and EnBW, a utility firm won the auction for a 2.5 gigawatt offshore wind site in Germany. This project sold for 3.02 billion euro ($3.22 billion).

Klaus Mueller, President of Germany's Federal Network Agency said that the results "show the attractiveness of investment in offshore wind power in Germany." They are an important step in achieving our offshore expansion goals.

The auction included two sites located in the North Sea around 120 km west of Heligoland. Each site was worth 1.5 and 1 gigawatt (GW). The planned offshore wind farms are expected to begin operations in 2031.

TotalEnergies was awarded the 1.5 GW at a price of 1,305 million euros for each megawatt (MW), while EnBW won the 1.0 GW at a price of 1.065 millions euros per MW.

RWE, Germany’s largest electricity provider, which initially partnered up with TotalEnergies for the auction, announced that the French group will implement the project on its own and RWE will leave the consortium.

A spokesperson for RWE said that the bid levels were incompatible with their criteria for economic investment.