United States: Total Adds 2.2 GW to its U.S. Solar Portfolio & Covers All Its Power Consumption in the Country With Green Ele...
February 05 2021 - 4:07AM
Business Wire
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) strengthens its presence
in the U.S. market by acquiring a development pipeline of 2.2 GW of
solar projects, and 600 MW of battery storage assets, all located
in Texas. The projects are bought from SunChase Power, a renewable
energy company focused on developing utility-scale energy projects,
and MAP RE/ES, a private energy investment firm.
This announcement comes after recent news of a joint venture
with 174 Power Global to develop 1.6 GW in the United States.
The pipeline consists of four large-scale solar projects, each
with co-located battery energy storage systems (BESS), in
industrial areas close to Houston that have high demand for
electricity. Construction of the first two projects is expected to
start later this year. All projects will come online between 2023
and 2024. The remuneration paid by Total to Sunchase and MAP RE/ES
will be in staged payment as the projects advance.
Total will commit to a 1 GW corporate PPA sourced from this
solar power and energy storage portfolio in order to cover all the
electricity consumption of its operated industrial sites in the
U.S., among which Port Arthur refining and petrochemicals platform
and La Porte and Carville petrochemical sites.
“I am very pleased that Total is further contributing to the
development of solar power in the U.S. We look forward to taking
advantage of the many growth opportunities in the U.S. market to
address the challenges of the energy transition, said Patrick
Pouyanné, Chairman and CEO of Total. “With this latest acquisition,
Total is now developing close to 4 GW of renewable power capacity
in the U.S., thus contributing to our objective to reach close to
35 GW of renewable generation capacity by 2025. In addition,
supplying green electricity to all our industrial activities in the
United States is concrete proof of our ambition to achieve carbon
neutrality by 2050.”
***
Total, renewables and electricity As part of its ambition
to get to net zero by 2050, Total is building a portfolio of
activities in renewables and electricity that could account for up
to 40 % of its sales by 2050. At the end of 2020, Total's gross
power generation capacity worldwide was around 12 GW, including
close to 7 GW of renewable energy. With the objective of reaching
35 GW of production capacity from renewable sources by 2025, Total
will continue to expand its business to become one of the world
leaders in renewable energies.
* * *
About Total Total is a broad energy company that produces
and markets fuels, natural gas and electricity. Our 100,000
employees are committed to better energy that is more affordable,
more reliable, cleaner and accessible to as many people as
possible. Active in more than 130 countries, our ambition is to
become the responsible energy major.
Cautionary note This press release, from which no legal
consequences may be drawn, is for information purposes only. The
entities in which TOTAL SE directly or indirectly owns investments
are separate legal entities. TOTAL SE has no liability for their
acts or omissions. In this document, the terms “Total”, “Total
Group” and Group are sometimes used for convenience. Likewise, the
words “we”, “us” and “our” may also be used to refer to
subsidiaries in general or to those who work for them. This
document may contain forward-looking information and statements
that are based on a number of economic data and assumptions made in
a given economic, competitive and regulatory environment. They may
prove to be inaccurate in the future and are subject to a number of
risk factors. Neither TOTAL SE nor any of its subsidiaries assumes
any obligation to update publicly any forward-looking information
or statement, objectives or trends contained in this document
whether as a result of new information, future events or
otherwise.
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