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Total gets into floating wind farm – BMW with confidence

“EolMed” is an energy pilot project in France. It is a floating wind farm with a capacity of 30 megawatts. The French energy giant Total is now also on board. BMW can shine with a recovery in business and confirms its forecasts.

The most important things about Total and BMW in advance:

  • Total is more involved in renewable energies
  • BMW significantly increases free cash flow in the third quarter

The corona crisis is accelerating the structural change in the energy industry away from fossil fuels towards renewable energies. Total is also restructuring its business: the French energy giant is getting involved in a floating wind farm pilot project.

As Total announced, the project is “EolMed” in France. The company is said to have a 20 percent stake in it. “This announcement once again shows the group’s ambition and determination to innovate in the renewable energy sector,” said Total Renewable Energy Director Julien Pouget. According to Total, “EolMed” has an output of 30 megawatts. It is located in the Mediterranean Sea off the coast of Gruissan. The French energy company Qair is the majority shareholder in the project.

Products on total

BMW is picking up speed again despite the Corona crisis. The recovery in various sales markets ensures higher sales growth for the premium car manufacturer in the third quarter. The preliminary free cash flow in the automotive segment climbed surprisingly significantly to 3.065 billion euros, after 714 million euros in the same quarter of the previous year, explained BMW.

In addition, through focused management, numerous positions of working capital have been optimized and fixed costs and capital expenditures have been further reduced, the company said. At the same time, BMW was able to confirm its previous forecasts for the individual areas of the group. However, the forecast is still associated with uncertainty. Renewed economic upheavals could again lead to greater forecast uncertainty. BMW plans to announce more details on the results for the third quarter of 2020 on November 4th.

Products on BMW

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Source: HSBC

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