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February 8, 2021

Total acquires 2.8GW solar and battery storage project pipeline in US

Oil giant Total has acquired a development pipeline portfolio, consisting of 2.2GW of solar projects and 600MW of battery storage assets in Texas, US.

By Umesh Ellichipuram

Oil giant Total has acquired a development pipeline portfolio, consisting of 2.2GW of solar projects and 600MW of battery storage assets in Texas, US.

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SunChase Power and private energy investment firm MAP RE/ES sold the assets, but no party disclosed financial details of the deal.

The development pipeline includes four large-scale solar projects that feature co-located battery energy storage systems. These projects lie in industrial areas close to Houston.

Total chairman and CEO Patrick Pouyanné said: “I am very pleased that Total is further contributing to the development of solar power in the US. We look forward to taking advantage of the many growth opportunities in the US market to address the challenges of the energy transition.

“With this latest acquisition, Total is now developing close to 4GW of renewable power capacity in the US, thus contributing to our objective to reach close to 35GW of renewable generation capacity by 2025.

“In addition, supplying green electricity to all our industrial activities in the US is concrete proof of our ambition to achieve carbon neutrality by 2050.”

Construction works for the first two projects in the portfolio will begin later this year. All pipeline projects will begin operations between 2023 and 2024.

As per the terms of the deal, Total has agreed to pay Sunchase and MAP RE/ES for the Texas portfolio in stages, as the projects advance.

Under a corporate power purchase agreement, Total will commit 1GW of energy generated by the portfolio to power its industrial sites in the US. These include the Port Arthur refining and petrochemicals platform and La Porte and Carville petrochemical sites.

Last September, Total and Spanish renewable projects developer Ignis will develop 3.3GW of solar power projects in Spain.

Related Companies

Free Report
img

Battery energy storage will be the key to energy transition – find out how

The market for battery energy storage is estimated to grow to $10.84bn in 2026. The fall in battery technology prices and the increasing need for grid stability are just two reasons GlobalData have predicted for this growth, with the integration of renewable power holding significant sway over the power market. Over the last decade, various new digital and smart technologies have been integrated, with countries aggressively promoting the modernization of grids, enhancing the grids’ capability to meet present and future requirements. As part of the effort, batteries are being deployed for a wide range of uses. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. Read this report for expert insights into:
  • Market size and growth
  • Key drivers and restraints
  • Regional trends
  • The impact of the commodity price increase on the battery prices
Get ahead of this growing market and win big by utilizing our report.
by GlobalData
Enter your details here to receive your free Report.

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