TOTAL: Total and 174 Power Global to Jointly Develop 1.6 GW of Solar and Energy Storage Projects in the U.S.
January 14 2021 - 8:39AM
UK Regulatory
TIDMTTA
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) and 174 Power Global, a
wholly owned Hanwha Group affiliate, have signed an agreement to
form a 50/50 joint venture (JV) to develop 12 utility-scale solar
and energy storage projects of 1.6 gigawatts (GW) cumulative
capacity in the United States, transferred from 174 Power Global's
development pipeline.
The first project started production in 2020, and the remainder
will be put on stream between 2022 and 2024. Located in Texas,
Nevada, Oregon, Wyoming and Virginia the projects will produce
clean and reliable energy across the U.S. and lead to the creation
of jobs in engineering, construction and plant operations.
The JV builds on a strong partnership that combines 174 Power
Global's extensive solar project development experience in the U.S.
with Total's decade-long international expertise in the development
of solar projects.
"This transaction is a first significant step for Total in the
US utility scale solar market, in line with our 2025 ambition to
achieve 35 GW of renewables production capacity worldwide. I am
confident that this will pave the way to more opportunities in the
US renewables and storage market," said Julien Pouget, Director
Renewables of Total. "I am very pleased to extend our long-standing
cooperation with the Hanwha Group into renewable energies and
successfully contribute to the development of solar power
generation in the US".
"We are pleased to partner with Total and see significant
opportunities for our JV to expand our solar and energy storage
footprint," said 174 Power Global President and CEO, Henry Yun,
PhD. "Both 174 Power Global and Total have a strong understanding
of one another's business strategies and investment standards. This
is a great partnership, and we are excited to work with the Total
team and further our joint commitment to clean renewable energy and
low-carbon investments."
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 percent 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 174 Power Global
174 Power Global is a leading solar and energy storage project
developer focused on North America's utility and C&I energy
markets. The company is wholly owned by the Hanwha Group, and has
offices in Houston, Irvine, California and New York City. With deep
expertise across the full spectrum of the project development
cycle, 174 Power Global works closely with utilities, landowners,
local communities, financial investors, and other partners to build
highly productive, utility scale and C&I solar power plants
throughout North America. Since its formation in 2017, 174 Power
Global has signed over 3 gigawatts (GW) of power purchase
agreements (PPAs) with more than 8 GW of additional solar projects
and 10GWh of ESS projects in the development pipeline. 174 Power
Global also is affiliated with Chariot Energy, a retail energy
provider that provides 100% clean, renewable solar energy to the
Texas market. Chariot Energy is transforming the energy supply for
Texas while modernizing and simplifying the way solar energy is
sold and delivered. 174 Power Global's name was inspired by the 174
petawatts (PW) of power the earth receives from the sun at any
moment.
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.
174 Power Global
Kelly Kimberly +1.713.822.7538, kkimberly@sardverb.com
Brian Armentrout +1.281.968.5635,
Brian.armentrout@174powerglobal.com
Total Contacts
Media Relations: +33 1 47 44 46 99 l presse@total.com l
@TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
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CONTACT:
Total
SOURCE: TOTAL
Copyright Business Wire 2021
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