Energy giant Total has said it wants to be a top three player in the solar energy industry within the next 20 years.
On Tuesday, the firm announced a restructuring, dubbed ‘One Total’. The plan involves the development of a gas, power and renewables division.
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“We will…produce and sell power from renewable sources. Electricity will be the energy of the 21st Century and the growth of gas and renewables is pushing us to take a value chain approach to electricity,” said Patrick Pouyanné, chairman and CEO, Total.
“We have multiple ambitions in renewables in 20 years’ time: be in the top three in solar power, expand in electricity trading and energy storage, be a leader in biofuels, especially biojet fuel, and consider potential development opportunities in other renewable energies. Our ambition is to create a new business that will help make Total the responsible energy major,” he added.
The new business unit is combined from its existing gas and new energies divisions and a new innovation & energy efficiency division.
A number of utilities have indicated an intention to pivot towards renewables in a significant way but Total’s proclamation is perhaps the most ambitious among the oil majors.
The company already has majority ownership in US solar firm SunPower.
