Total increases its portfolio of solar projects in Spain to over 5 GW
Total announced that it has signed an agreement with the Spanish developer Ignis to develop 3.3 gigawatts (GW) of solar projects located close to Madrid and Andalusia which strengthens its presence in the Spanish electricity market.
The first solar projects in the Ignis portfolio are scheduled to start in 2022, with the ambition of bringing them all into production by 2025.
The addition of 3.3 GW of solar projects to Total’s portfolio follows two agreements signed by Total in February 2020 with Powertis and Solarbay Renewable Energy to develop nearly 2 GW of solar projects in Spain and the acquisition last May from Energias de Portugal of its Spanish portfolio of 2.5 million residential customers and two gas-fired combined cycle power plants (850 MW).
By 2025 Total’s portfolio of solar projects in Spain will have increased to more than 5 GW which will enable Total to cover all the electricity consumption of its industrial sites in Europe. In order to achieve this Total will purchase nearly 6 TWh per year of green electricity generated by its Spanish solar sites through a power purchase agreement covering more than 3 GW of solar farms, which will be the largest corporate PPA in the world.
Patrick Pouyanné, Chairman and CEO of Total said:
“Total is becoming one of the main broad-energy players in the country by intervening both in the production of renewable and gas-based electricity and in the distribution of gas and electricity. Our ambition, first and foremost, is to provide a clean, affordable electricity offering to our residential customers in Spain. Spain is a priority country for Total in Europe and we fully intend to leverage the market’s growth opportunities that the country offers to respond concretely to the challenges of the energy transition towards carbon neutrality. This decision to invest massively in renewable electricity capacity to supply all our industrial operations in Europe with green energy is concrete proof of our decision to move towards decarbonising our European operations in line with our new climate ambition. It also demonstrates the value of integrating production, trading and sales in the electricity chain.”
Total is aiming to increase its renewable energy generation capacity five-fold by 2025 to become one of the leading players in renewable energies worldwide.
Source: Press Release by Total SE.
