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.
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.
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“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.”
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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.
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