TotalEnergies boosts Turkish alternative energies production
Published on: Jul 24, 2023
The mobility company has partnered with Rönesans Holding to develop and support renewable energy projects across the country.
TotalEnergies has signed an agreement with Rönesans Holding to acquire a 50% stake in Rönesans Enerji. The partnership involves the creation of a joint venture to support renewable projects in the country in support of electricity development.
Rönesans Enerji currently operates a portfolio of 166 MW hydro assets. The company has as well secured a pipeline of more than 700 MW of wind, photovoltaic, and battery storage assets.
Rönesans Enerji’s ambition is to produce 2 GW of renewable energy by 2028. This partnership will leverage TotalEnergies knowhow in onshore wind and solar development and in electricity trading, as well as Rönesans knowledge of the local electricity market.
“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,” said Stéphane Michel, President Gas, Renewables & Power for TotalEnergies.
The production generated by these sites will be sold directly on the electricity market or by entering into power purchase agreements with end-buyers. These projects are in line with the company's strategy of becoming an integrated player in the electricity markets and will contribute to achieving the Integrated Power Business Unit's double-digit profitability targets.
