In a busy week for French energy giant TotalEnergies, the company has expanded its renewables assets in the Caribbean, sold a stake in projects in Portugal and begun construction on two PV parks in Spain.
In the Carribbean, TotalEnergies has closed the acquisition of a 50% stake of utility AES’ renewable portfolio in the Dominican Republic.
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The portfolio consists of more than 1GW of solar PV, wind and battery energy storage system (BESS) assets. Nearly half of it, 410MW, is already operational or under construction, with power purchase agreements (PPAs) secured.
It also includes over 500MW of solar PV and wind capacity in development, alongside BESS projects that will be co-located with solar plants to mitigate intermittency and enhance grid stability, according to the French company.
This acquisition allows the company to expand its renewables business in the country where it currently has a 103MW solar PV plant under construction.
Stéphane Michel, president of gas, renewables and power at TotalEnergies, said: “These new transactions will contribute to our targets of 35GW of gross renewable capacity by 2025 and over 100TWh of electricity production by 2030.”
This is not the first time TotalEnergies acquires a stake in AES’ renewables portfolio in the Caribbean. Last year, the French company acquired a 30% stake in AES’ Puerto Rican renewables portfolio, which comprises of 200MW of solar PV and 285MW/1.14GWh BESS projects under construction.
Breaking ground and selling assets in Iberian peninsula
In the Iberian peninsula, TotalEnergies has begun construction of two solar PV plants in Spain, which are being built with Spanish solar company Soltec as the engineering, procurement, and construction (EPC) provider.
Earlier this year, Soltec made the decision to solely focus on solar tracker solutions after significant financial losses in the first half of 2024. This represents the last project for which the Spanish company will be the EPC provider, said CEO Mariano Berges.
“These projects are a testament to it, and are also a milestone for our company, since they are the last in which we will be the EPC providers. From now on, Soltec is focused in solar trackers supply, a field in which we intend to remain a global leader,” said Berges.
The two solar projects are located in the southern region of Murcia, the projects, called Luminora Solar Dos and Luminora Solar Tres, and will have an installed capacity of 220MW and 95MW, respectively. The Luminora Solar Dos project received construction authorisation back in 2023, while its construction began in 2024.
Nearly 500,000 bifacial solar panels will be installed at the solar PV plants, which are expected to be completed by October 2026. Both parks cover 460 hectares and involve an investment of €212 million (US$250 million).
In the neighbouring country of Portugal, TotalEnergies sold 50% of its 604MW solar PV, wind and hydroelectric operational portfolio.
Sold to a consortium composed of MM Capital Partners 2, Daiwa Energy & Infrastructure and Mizuho Leasing, TotalEnergies will retain a 50% stake and continue to operate the assets. The sale consideration reached a total of €178.5 million, which is equivalent to an enterprise value of €500 million, according to the French energy giant.
