French energy company TotalEnergies and Danish renewables firm European Energy will co-develop at least 4GW of onshore renewable projects in different locations.
TotalEnergies and European Energy will jointly develop, build and operate the projects in a 65/35 joint venture. However, neither company announced more details of the projects, including the number of projects and locations, or how the new power capacity would be split between energy sources such as wind and solar.
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“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,” said Vincent Stoquart, senior vice president, Renewables at TotalEnergies.
The companies are keen to collaborate as TotalEnergies boasts strong experience in the construction and operation of large-scale projects, in addition to what it called its “capability to market the offtake in merchant countries and its financial robustness,” while European Energy’s experience in developing greenfield projects will be relevant for the projects.
At the end of July 2023, TotalEnergies’ gross renewable electricity generation installed capacity was 19GW. The company aims to reach 35GW of gross production capacity from renewable sources and storage by 2025, and 100GW by 2030.
Apart from this joint venture, TotalEnergies invested US$300 million in Indian conglomerate Adani Group’s renewable energy platform Adani Green Energy to increase its capacity in India by creating a joint venture with a 1,400 MWp, or 1,050MWac, portfolio.
This portfolio consists of assets that are operational (300MWac), under construction (500MWac) and under development (250MWac) with a combination of solar and wind.
“After our first joint-venture AGEL23 in 2020 and our acquisition of shares in Adani Green Energy in 2021, 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,” said TotalEnergies’ chairman and CEO Patrick Pouyanné.
Previously, TotalEnergies fully acquired independent power producer Total Eren, which has 3.5GW of renewable capacity in operation worldwide, alongside a 10GW project pipeline. The company plans to be one of the top five producers of electricity from solar and wind sources by 2030.
