TotalEnergies, the French energy company, has entered into a strategic partnership with Danish renewables company European Energy to jointly develop at least 4 gigawatts (GW) of onshore renewable projects across different locations. This collaboration, established as a 65/35 joint venture, aims to facilitate the development, construction, and operation of these projects.
Details about the specific number of projects, their locations, or the allocation of power capacity between wind and solar sources have not been disclosed by either company at this time.
Vincent Stoquart, Senior Vice President of Renewables at TotalEnergies, expressed enthusiasm about the agreement, saying, “We are delighted to enter into this agreement with European Energy, which has developed a portfolio of assets in merchant countries such as Spain where TotalEnergies is already active, and which will enable us to accelerate our profitable growth.”
TotalEnergies brings to the partnership its extensive experience in constructing and operating large-scale projects, as well as its capacity to market power output in merchant countries and its financial strength. European Energy, on the other hand, is known for its expertise in developing greenfield projects, making its contribution invaluable to the joint venture.
As of July 2023, TotalEnergies had a gross renewable electricity generation installed capacity of 19GW. The company has ambitious plans to reach 35GW of gross production capacity from renewable sources and storage by 2025, with a long-term goal of achieving 100GW by 2030.
See also: TotalEnergies Calls for Tenders to Produce 500,000 Tonnes of Green Hydrogen Annually
In addition to this joint venture, TotalEnergies recently invested $300 million in the renewable energy platform of Indian conglomerate Adani Group, Adani Green Energy. This investment was made to expand its capacity in India through the creation of a joint venture with a portfolio totaling 1,400 megawatts peak (MWp) or 1,050 megawatts alternating current (MWac). This portfolio includes operational assets (300MWac), assets under construction (500MWac), and assets in development (250MWac), encompassing both solar and wind energy.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, commented on the venture with Adani Green Energy, stating, “This new joint-venture with Adani Green Energy will enable us to speed up our development through direct access to a large portfolio of assets and to support the ambition of Adani Green Energy in becoming the Indian leader of renewable energy.”
TotalEnergies' strategic moves in the renewable energy sector also include its full acquisition of independent power producer Total Eren, which holds 3.5GW of renewable capacity in operation worldwide and possesses a robust project pipeline of 10GW. The company aims to position itself among the top five producers of electricity from solar and wind sources globally by 2030.
