Renewables

Oil major TotalEnergies buys five solar projects in Romania

TotaEnergies buys five solar projects in Romania PNE

Photo: atimedia from Pixabay

Published

July 5, 2023

Country

Comments

0

Share

Published:

July 5, 2023

Country:

Comments:

0

Share

Renewable energy developer PNE is selling five solar projects in Romania to TotalEnergies Renewables SAS, according to an announcement from the company.

The five photovoltaic projects are under development, with a combined capacity of 208 MWp.

PNE will remain responsible for further project development until a ready-to-build stage is achieved, the company said.

The two sides have agreed not to disclose the purchase price.

PNE has been active in Romania for over 10 years and has successfully developed and sold 510 MW/MWp of wind and solar photovoltaic projects. It currently has a 1 GW volume of projects under development.

As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in electricity and renewables. At the end of 2022, the company’s gross installed capacity for renewable electricity generation stood at nearly 17 GW.

The development of these projects allows TotalEnergies to strengthen its presence in Eastern Europe

Its objective is to be among the world’s top five producers of electricity from wind and solar energy, the oil major said.

Markus Lesser, CEO of PNE, said that the agreement confirms that PNE’s ‘Scale Up 2.0’ strategy is appealing in the industry. “By delivering ready-to-build projects, PNE extends its resilient business model whilst simultaneously enhancing company value,” he added.

According to Marin de Montbel, Vice President Renewable Explorer – New Markets at TotalEnergies, the acquisition of these five solar projects in Romania is a perfect illustration of the company’s commitment to developing its renewable energy activities in the country, and more broadly in Eastern Europe, in support of the European Green Deal.

“The development of these projects allows us to deploy the company’s expertise in solar power generation and strengthens our presence in Eastern Europe with the acquisition of a portfolio of solar projects in Poland with a total capacity of 200 MW,” Montbel said.

TotalEnergies plans to reach 35 GW of gross production capacity from renewable sources and storage by 2025, and then 100 GW by 2030.

Of note, Jantzen Renewables has agreed last month to sell a 710 MW solar project in Romania to another fossil fuel company, OMV Petrom.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

france auction floating wind

France awards world’s first commercial-scale feed-in tariffs for floating wind

20 May 2024 - France selected the winners of its 250 MW South Brittany floating offshore wind auction, the world’s first conducted at a commercial scale

woodburn magna PPA croatia

Woodburn Capital Partners inks PPA with automotive company Magna

20 May 2024 - Automotive company Magna has signed its first ever power purchase agreement (PPA), with Woodburn Capital Partners

GGF Kostadinov Green investment inflection point many countries

GGF’s Kostadinov: Green investment is nearing inflection point in many countries

20 May 2024 - The Balkans require a critical mass of renewables development to unleash green investment, Borislav Kostadinov from GGF said at Belgrade Energy Forum

western-balkan-power-utilties-decarbonization-plans

Decarbonizing Western Balkan power utilities: ambitious but flexible plans, with focus on investments and new technologies

17 May 2024 - Power utilities in the Western Balkans have ambitious goals for 2050, but are flexible in mapping the path because the development of technologies is unpredictable