TotalEnergies has inked a pivotal agreement with Rönesans Holding, a renowned Turkish conglomerate, to acquire a 50% stake in Rönesans Enerji, a move poised to catalyze the growth of renewable energy projects in the burgeoning Turkish electricity market.
Rönesans Enerji, currently managing a robust portfolio of 166 MW hydro assets, is set to embark on an ambitious journey. The company has meticulously secured a promising pipeline of over 700 MW comprising wind, photovoltaic, and battery storage assets, aligning seamlessly with Turkey's liberalized and expanding electricity market.
This strategic partnership harnesses TotalEnergies' extensive expertise in onshore wind and solar development, coupled with its prowess in electricity trading. Paired with Rönesans Holding's profound knowledge of the local electricity landscape, Rönesans Enerji is resolute in its mission to generate a remarkable 2 GW of renewable energy by the year 2028.
The electricity generated from these cutting-edge facilities will be strategically marketed, with a focus on direct sales in the electricity market and the establishment of power purchase agreements (PPAs) with end-users. These projects, renowned for their cost competitiveness, capitalize on Turkey's exceptional renewable potential. They underscore Rönesans Enerji's strategic vision of becoming a fully integrated player in electricity markets, capitalizing on price fluctuations, and contributing substantially to the Integrated Power Business Unit's pursuit of double-digit profitability.
Stéphane Michel, President Gas, Renewables & Power for TotalEnergies, expressed his enthusiasm about this momentous partnership. He stated, “We are delighted to join forces with Rönesans, which has developed a diversified portfolio of assets including wind, hydro, and solar power. Given the outlook for the Turkish market and the quality of the renewable sites in the country, we are convinced that this new partnership will be a further step towards our goal of developing our Integrated Power activity profitably. I'm delighted that it will also help boost Türkiye's renewable energy sector.”
Erman Ilicak, President of Rönesans Holding, emphasized their commitment to the green energy transition in Turkey and the significance of this partnership. He said, “We deeply value investments in renewable energy both in Türkiye and worldwide. With a goal of playing an active part in Türkiye's green energy transition, it was crucial that we work with a reputable and impactful global player. We're excited to collaborate with TotalEnergies to jointly invest in green projects. While adding a new partner to our global shareholders, we are always excited to invest in our country.”
