Total acquires Texas solar project

    According to today’s oil price report on February 5, the French oil and gas super giant Total is buying 4 large-scale solar complete kit solar power projects in Texas, plus battery energy storage assets, and plans to use these projects to meet the power needs of all its industrial land in the United States.

    Total has been expanding its renewable energy portfolio and has signed a large number of green energy power purchase agreements (PPA) in recent months. It is currently purchasing four solar projects from SunChase Power and private energy investment company MAP RE/ES , The total power generation is 2.2 GW plus 600 MW of battery energy storage assets. Total said that all projects are located in industrial areas near Houston with strong power demand. Each project has a battery energy storage system (BESS) and is expected to go online between 2023 and 2024.

    The oil giant will pledge to obtain a 1 GW corporate power purchase agreement from its solar and energy storage portfolio to cover all the power consumption of its industrial bases in the United States, including Port Arthur, La Porte and Cavill.

    Patrick Pouyanné, Chairman and CEO of Total, said in a statement: “Through this acquisition, Total is currently developing nearly 4 GW of renewable energy power generation capacity in the United States, which will help us reach nearly 4 GW by 2025. 35 GW of renewable energy generation capacity target."

    As of the end of 2020, Total's total global power generation capacity is approximately 12 GW, including nearly 7 GW of renewable energy.

    Bloomberg's research shows that Total is the world's second-largest clean energy buyer in 2020, second only to Amazon, and signed a 3 GW power purchase agreement.

    According to Bloomberg data, since the oil giants announced their net zero target last year and promised to substantially increase investment in renewable energy, Total has acquired Europe's largest renewable energy portfolio. Since the announcement of the new strategy and net zero target in September 2020, Total has purchased up to 8.8 GW of renewable energy generation capacity, including projects in the operation, construction or development phase.