The deal with AES adds more than 1GW of contracted renewable projects to TotalEnergies’ portfolio. Credit: Piyaset/Shutterstock.

TotalEnergies has completed the acquisition of a 50% interest in the solar, wind and battery energy storage systems (BESS) portfolio of AES Dominicana Renewables Energy.

This deal adds more than 1GW of contracted renewable projects to TotalEnergies’ portfolio.

With more than 410MW already operational or underway, the projects will supply electricity through long-term power purchase agreements (PPAs).

More than 500MW of future solar and wind projects are being developed alongside BESS initiatives aimed at improving grid stability.

The transaction will enable TotalEnergies to enhance its renewable business within the Dominican Republic, where it already operates 184 service stations, manages natural gas distribution and is developing a 103MW solar plant.

AES Energy Infrastructure executive vice-president and president Juan Ignacio Rubiolo stated: “We are excited to join forces with TotalEnergies as we diversify the island’s energy mix. The proceeds from this transaction will be reinvested in AES Dominicana, to grow our renewables footprint.”

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The transaction follows TotalEnergies’s previous acquisition of a 30% stake in AES’s under-construction solar and battery assets in Puerto Rico in 2024.

The company’s combined renewable energy and BESS portfolio now surpasses 1.5GW across the Caribbean.

TotalEnergies gas, renewables and power president Stéphane Michel stated: “We are pleased to expand our multi-energy strategy through this partnership with AES, focusing on renewables and battery storage in a region where TotalEnergies is already a leading supplier of LNG, notably for power generation.

“Since 2018, we have been supplying LNG to AES’s subsidiaries in Panama and the Dominican Republic. These new transactions will contribute to our targets of 35GW of gross renewable capacity by 2025 and over 100 terawatt hours of electricity production by 2030.”

In a related development, TotalEnergies has sold a 50% stake in its Portuguese renewable energy assets to a consortium for €178.5m ($210.48m), reflecting an enterprise value of €550m.

The consortium comprises MM Capital Partners 2, Daiwa Energy & Infrastructure and Mizuho Leasing.

The divested assets include 604MW of wind, solar and hydro portfolio. Post-completion, TotalEnergies will retain the remaining 50% stake and continue operating the assets.

The company has also committed to purchasing the output from the projects following the expiration of regulated tariffs. These facilities have an average operational lifespan of 16 years.

TotalEnergies renewables senior vice-president Olivier Jouny stated: “We are pleased with this partnership in Portugal, a country where TotalEnergies intends to continue its development in renewables.

“In line with our strategy, this transaction allows us to optimise our capital allocation in our integrated electricity activities and contribute to improving the sector’s profitability.”

In June 2025, TotalEnergies purchased a 435MW solar and battery storage project portfolio in the UK from renewable energy developer Low Carbon.

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