Following the completion of the NYSE: TTE (NYSE: TTE) announced on May 19, 2021, which owns a 20% stake in AGEL, the net capacity will be expanded by approx. 1.4 GWp today1 Projects in operation and under construction to its renewable portfolio.
SB Energy India has a global portfolio of renewable projects of 5 GWac2 in four Indian states. These are industrial parks with a capacity of 84% solar (4,180 MWac), 9% hybrid (wind-solar, 450 MW) and 7% wind turbines (324 MW), of which 1,700 MW are in operation, 2,554 MW under construction and 700 MW under construction3. These projects are all subject to 25 year power purchase agreements with government counterparties such as Solar Energy Corporation of India (SECI), NTPC and NHPC.
This transaction values SB Energy India at around 3.5 billion4th of dollars.
“We congratulate the management of AGEL on the completion of this major transaction, which strengthens its leadership position in India as well as its ability to actively contribute to the sustainable development of the country, a goal that TotalEnergies shares with the Adani Group”, said Patrick Pouyanné, Chairman and CEO of TotalEnergies. “This transaction and our partnership with AGEL make a decisive contribution to the company’s goal of achieving a gross production capacity of 35 GW from renewable sources by 2025 and to be among the top 5 global producers of renewable energies by 2030.”
TotalEnergies, Renewables and Electricity
As part of its ambition to achieve CO2 neutrality by 2050, TotalEnergies is developing a portfolio of activities in the field of renewable energies and electricity that should make up 40% of its sales mix by 2050. At the end of 2020, TotalEnergies’ gross capacity for electricity production was around 12 GW, of which 7 GW was renewable energy. TotalEnergies intends to develop these activities further in order to reach a gross production capacity of 35 GW from renewable sources in 2025, then 100 GW by 2030, with the aim of being among the top 5 renewable energies worldwide.
TotalEnergies is a global multi-energy company that produces and supplies energy: oil and biofuels, natural gas and green gas, renewable energy and electricity. Its 105,000 employees are committed to energy that is increasingly affordable, cleaner, more reliable and accessible to as many people as possible. TotalEnergies is represented in more than 130 countries and places sustainable development in all its dimensions at the center of its projects and activities in order to contribute to the well-being of the population.
This press release is published for informational purposes only and no legal consequences can result from it. The companies in which TotalEnergies SE has a direct or indirect interest are independent legal entities. TotalEnergies SE is not liable for acts or omissions of these companies. The terms “TotalEnergies”, “Compagnie TotalEnergies” and “Compagnie” appearing in this document are generic and are only used for the sake of clarity. The terms “we”, “our”, “our” can also be used for subsidiaries or their employees. This document may contain forward-looking information and statements that are based on economic data and assumptions made in certain economic, competitive and regulatory contexts. They may prove inaccurate in the future and are dependent on risk factors. Neither TotalEnergies SE nor any of its subsidiaries assume any obligation or responsibility towards investors or other stakeholders to update or revise the contained statements, future-oriented information, trends or goals in whole or in part, in particular due to new information or future events in this document.
1 Gigawatts Crete (GWc)
2 Gigawatts alternative electricity (Empty)
3 Award notification received, energy supply contract still to be signed.
4th The full company valuation includes investments for all future projects.
“Pop culture scholar. Subtly charming beer specialist. Reader. Student. Devoted music advocate.”