TotalEnergies to develop renewable energy in Turkey
London, 24 July, 2023, (Oilandgaspress) – TotalEnergies has signed an agreement with Rönesans Holding to acquire a 50% stake in Rönesans Enerji and jointly develop, through this joint-venture, renewable projects in Turkey, which is a liberalized growing electricity market.
Rönesans Enerji is currently operating a portfolio of 166 MW hydro assets. The company has as well secured a pipeline of more than 700 MW of wind, photovoltaic, and battery storage assets.
Leveraging TotalEnergies knowhow in onshore wind and solar development and in electricity trading and Rönesans deep knowledge of the local electricity market, Rönesans Enerji’s ambition is to produce 2 GW of renewable energy by 2028.
The production generated by these sites will be marketed, notably by selling it directly on the electricity market or by entering into power purchase agreements (PPAs) with end-buyers. These projects, which are cost-competitive given the quality of Turkey’s renewable potential, are in line with the Company’s strategy of becoming an integrated player in the electricity markets, taking advantage of price volatility, and will contribute to achieving the Integrated Power Business Unit’s double-digit profitability targets.
The transaction is subject to regulatory and administrative approvals.
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