TotalEnergies to buy 50% of Turkish co targeting 2 GW of renewables

TotalEnergies SE (EPA:TTE) has tied up with Turkish project development and construction group Ronesans Holding to co-develop renewable energy projects in Turkey through a joint venture targeting a 2-GW renewables fleet by 2028.

The French energy major said on Monday it has agreed to buy from Ronesans Holding a 50% in Ankara-based Ronesans Enerji, which owns a 166-MW portfolio of hydropower plants and a pipeline of more than 700 MW of wind, solar and battery storage projects.

According to the plan, TotalEnergies and Ronesans will build renewable power plants and sell their future output directly on the electricity market or via power purchase agreements (PPAs).

“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 Stephane Michel, president Gas, Renewables and Power for TotalEnergies.

The deal is pending regulatory clearance. TotalEnergies noted that the investment is aligned with its goal of becoming an integrated player in the electricity markets.

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