Photo: MrRenewables Westmill Solar Co-operative, Neil Maw / https://creativecommons.org/licenses/by-sa/3.0/legalcode
TotalEnergies from France established a joint venture in Turkey by purchasing 50% of Rönesans Enerji. The firm aims to build wind and solar parks of 1 GW in total within three years.
Fossil fuel giant TotalEnergies is continuing its expansion in the green energy segment. The French company and Rönesans Holding formed a partnership through the Turkish conglomerate’s subsidiary Rönesans Enerji.
They didn’t disclose financial details except that TotalEnergies is taking over 50% of the firm. The target for the joint venture is to install 1 GW in capacity in wind power plants and solar parks in Turkey within three years.
Rönesans Enerji has projects under development for 700 MW in wind, photovoltaics and batteries
President of Rönesans Holding Erman Ilıcak added that the group intends to become carbon neutral by 2040. Rönesans Enerji has a hydropower portfolio of 166 MW, but also over 700 MW in wind, photovoltaic and battery storage projects. It aspires to become one of the three largest green energy companies in Turkey.
By 2028, Rönesans Enerji aims to own 2 GW in renewable energy capacity, according to the announcement. The firm said it would sell output directly on the electricity market or through power purchase agreements (PPAs).
TotalEnergies wants 100 GW in renewables, storage by 2030
“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”, TotalEnergies’s President for Gas, Renewables and Power Stéphane Michel stated.
At the end of March, its gross renewable electricity generation installed capacity was 18 GW. TotalEnergies vowed to reach 35 GW of gross production capacity from renewable sources and storage by 2025, and 100 GW by 2030.
Minister of Energy and Natural Resources Alparslan Bayraktar, who attended the press conference, noted that Turkey’s goal is to increase the renewables share in electricity generation capacity to 65% by 2035. It means at least 3 GW of new solar power and 1.5 GW in wind parks every year including a total of 5 GW in offshore wind.
The minister urged the owners of Rönesans Enerji to lift their target from 1 GW to 5 GW as soon as possible.
Earlier, at the latest offshore wind power auction in Germany, TotalEnergies won the right to install 2 GW at a site in the North Sea by offering to pay a total of EUR 3.75 billion. It also submitted the highest bid, EUR 2.07 billion, for 1 GW in the Baltic Sea.
Company buying out other shareholders in Total Eren
In other news, TotalEnergies said it is buying out Total Eren’s other shareholders in line with the agreement on the establishment of the French joint venture. It is increasing its stake from 29.2% to 100%.
The net investment of EUR 1.5 billion translates to an enterprise value of EUR 3.8 billion, TotalEnergies said. It acquired a 23% share in Total Eren in 2017. The firm said it has 3.5 GW of renewable energy capacity in operation a solar, wind, hydroelectric and storage projects pipeline of over 10 GW in 30 countries, of which 1.2 GW are in construction or late-stage development.
Total Eren founded a firm for its green hydrogen projects
As for the region tracked by Balkan Green Energy News, there is 350 MW in operation or under construction in Greece and 90 MW in operation in Bulgaria, according to its website. Total Eren said it would run its worldwide green hydrogen projects under a new partnership, TEH2, in which Eren Group would own 20%.
Total Eren is one of the winners in Albania’s first wind power auction, which was completed this week after a two-year process.
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