TotalEnergies has recently entered into an agreement with Rönesans Holding to acquire a 50% stake in Rönesans Enerji, with the joint objective of co-developing renewable projects in Turkey’s burgeoning liberalized electricity market.
Presently, Rönesans Enerji operates a portfolio of 166 MW hydro assets and has successfully secured a pipeline of over 700 MW, comprising wind, photovoltaic, and battery storage assets.
By capitalizing on TotalEnergies’ expertise in onshore wind and solar development and electricity trading, along with Rönesans’ profound understanding of the local electricity market, Rönesans Enerji aims to achieve an ambitious goal of producing 2 GW of renewable energy by 2028.
The electricity generated from these sites will be strategically marketed, either through direct sales on the electricity market or by establishing power purchase agreements (PPAs) with end-buyers. These projects, benefiting from Turkey’s excellent renewable potential, are highly cost-competitive and align with the Company’s vision of becoming an integrated player in the electricity markets. By leveraging price volatility, these initiatives are expected to support the achievement of the Integrated Power Business Unit’s ambitious double-digit profitability targets.
“We are delighted to join forces with Rönesans, which has developed a diversified portfolio of assets including wind, hydro and solar power. Given the outlook for the Turkish market and the quality of the renewable sites in the country, we are convinced that this new partnership will be a further step towards our goal of developing our Integrated Power activity profitably. I’m delighted that it will also help boost Turkey’s renewable energy sector”, said Stéphane Michel, President Gas, Renewables & Power for TotalEnergies.
“We deeply value investments in renewable energy both in Turkey and worldwide. With a goal of playing an active part in Turkey’s green energy transition, it was crucial that we work with a reputable and impactful global player. We’re excited to collaborate with TotalEnergies to jointly invest in green projects. While adding a new partner to our global shareholders, we are always excited to invest in our country”, said Erman Ilicak, Rönesans Holding’s President.
The transaction is subject to regulatory and administrative approvals.
TotalEnergies and renewables electricity
As part of its commitment to achieve net zero by 2050, TotalEnergies is actively developing a lucrative portfolio of electricity and renewables projects. As of March 2023, the company’s installed capacity for gross renewable electricity generation reached 18 GW. TotalEnergies aims to further expand this business, targeting 35 GW of gross production capacity from renewable sources and storage by 2025, and an impressive 100 GW by 2030. This ambitious objective positions TotalEnergies as one of the world’s leading producers of electricity from wind and solar energy.
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