TotalEnergies has announced the completion of its acquisition of a 50% stake in AES Dominicana Renewables Energy’s solar, wind, and Battery Energy Storage Systems (BESS) portfolio. This move builds on TotalEnergies’ previous purchase of a 30% share in AES’s solar and battery assets under construction in Puerto Rico. The combined portfolio now boasts over 1.5 GW of renewable energy and BESS capacity across the Caribbean.
These transactions are part of TotalEnergies’ strategy to expand its multi-energy presence in a region where it is already an important player in the liquefied natural gas (LNG) sector.
In the Dominican Republic, TotalEnergies has acquired half of AES’s renewables portfolio, which includes over 1 GW of contracted wind, solar, and BESS projects. Of these projects, 410 MW are either operational or under construction and supply electricity under long-term Power Purchase Agreements (PPAs). Additionally, there is more than 500 MW of solar and wind capacity in development along with BESS projects that will be integrated into solar plants to mitigate intermittency issues.
This acquisition enables TotalEnergies to broaden its renewable energy business in the Dominican Republic. The company already operates a partially solarized network comprising 184 service stations and is developing a 103 MW solar plant there.
In Puerto Rico, following its acquisition last year, TotalEnergies holds a 30% stake in AES’s renewables portfolio. This includes contracted solar projects totaling 200 MW and BESS projects amounting to 285 MW/1,140 MWh currently under construction.
Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies said: “We are pleased to expand our multi-energy strategy through this partnership with AES… These new transactions will contribute to our targets of 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030.”
Juan Ignacio Rubiolo from AES added: “We are excited to join forces with TotalEnergies as we diversify the island’s energy mix.”
TotalEnergies continues to build a competitive portfolio that combines various forms of renewables alongside flexible assets like CCGT and storage systems. As per March-end data for this year, the company has installed gross renewable electricity generation capacity totaling around 28 GW. It aims for an increase to reach about 35 GW by year’s end while targeting more than100 TWh net production annually by decade’s close.
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