Total strengthens position in Spanish solar market

Total strengthens position in Spanish solar market

Total is strengthening its presence in the Spanish electricity market through an agreement with the Spanish developer Ignis to develop 3.3 gigawatts (GW) of solar projects located close to Madrid and Andalusia. The first projects in the Ignis portfolio are scheduled to start in 2022, with the ambition of bringing them all into production by 2025. Remuneration will be paid by Total to Ignis as the projects develop.

This transaction follows the two agreements signed in February 2020 with Powertis and Solarbay Renewable Energy to develop nearly 2 GW of solar projects; and the acquisition last May from Energias de Portugal of its portfolio of 2.5 million residential customers and two gas-fired combined cycle power plants (850 MW).

  • This operation brings to more than 5 GW its portfolio of solar projects under development in Spain by 2025 and positions the Group as a major player in the country’s energy transition, contributing to Spain’s ambition to generate 70% of its electricity from renewables by 2030 and then 100% by the middle of the century.

  • This solar power portfolio will enable the Group to cover all the electricity consumption of its industrial sites in Europe by 2025: to do this, the Group 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. This will be the largest corporate PPA in the world. Thanks to its electricity trading capabilities, the Group will thus be able to supply all its European sites with competitive green electricity, in line with its objective of carbon neutrality. Scope 2 greenhouse gas emissions will thus be reduced by almost 2 million tonnes per year.
Image Credit: Total

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