(TotalEnergies, 20.Sep.2023) — TotalEnergies and European Energy have agreed to jointly develop, build and operate in a 65/35 joint-venture at least 4 GW of onshore renewable projects in multiple geographies.
The partnership aims to leverage both parties’ strengths: TotalEnergies brings its strong experience in the construction and operation of large-scale projects coupled with its capability to market the offtake in merchant countries and its financial robustness. European Energy has a proven track record in developing greenfield projects and engaging successfully with stakeholders.
We are delighted to enter into this agreement with European Energy which has developed a portfolio of asset in merchant countries such as Spain where TotalEnergies is already active, and which will enable us to accelerate our profitable growth. This cooperation will build on the strength and complementarity of both companies to bring value to these markets where our integrated power strategy makes a lot of sense.” said Vincent Stoquart, Senior Vice President, Renewables at TotalEnergies.
“The strategic cooperation that we will enter into with TotalEnergies is a decisive step in moving forward the green transition. With our extensive development pipeline and experience in developing green field renewable projects and TotalEnergies’ experience and ambitions on renewable energy onshore and offshore, this partnership sets a new milestone for the further acceleration of the growth of our renewable energy capacity around the world, said Knud Erik Andersen, Group CEO at European Energy.
This agreement is subject to the receipt of applicable regulatory approvals from relevant authorities.
TotalEnergies and renewables electricity
As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in electricity and renewables. At the end of July 2023, TotalEnergies’ gross renewable electricity generation installed capacity was 19 GW. TotalEnergies will continue to expand this business to reach 35 GW of gross production capacity from renewable sources and storage by 2025, and then 100 GW by 2030 with the objective of being among the world’s top 5 producers of electricity from wind and solar energy.
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