TotalEnergies mentioned Monday it signed an settlement with Rönesans Holding to amass a 50% stake in Rönesans Enerji and collectively develop, by means of this joint-venture, renewable tasks in Turkey, which is a liberalized rising electrical energy market.
Rönesans Enerji is at the moment working a portfolio of 166 MW hydro property. The corporate has as properly secured a pipeline of greater than 700 MW of wind, photovoltaic, and battery storage property.
Leveraging TotalEnergies knowhow in onshore wind and photo voltaic improvement and in electrical energy buying and selling and Rönesans deep data of the native electrical energy market, Rönesans Enerji’s ambition is to provide 2 GW of renewable power by 2028.
The manufacturing generated by these websites might be marketed, notably by promoting it instantly on the electrical energy market or by coming into into energy buy agreements (PPAs) with end-buyers. These tasks, that are cost-competitive given the standard of Turkey’s renewable potential, are in keeping with the Firm’s technique of turning into an built-in participant within the electrical energy markets, profiting from worth volatility, and can contribute to attaining the Built-in Energy Enterprise Unit’s double-digit profitability targets.
“We’re delighted to hitch forces with Rönesans, which has developed a diversified portfolio of property together with wind, hydro and solar energy. Given the outlook for the Turkish market and the standard of the renewable websites within the nation, we’re satisfied that this new partnership might be an additional step in the direction of our aim of growing our Built-in Energy exercise profitably. I’m delighted that it’ll additionally assist enhance Turkey’s renewable power sector”, mentioned Stéphane Michel, President Fuel, Renewables & Energy for TotalEnergies.
“We deeply worth investments in renewable power each in Turkey and worldwide. With a aim of taking part in an lively half in Turkey’s inexperienced power transition, it was essential that we work with a good and impactful world participant. We’re excited to collaborate with TotalEnergies to collectively spend money on inexperienced tasks. Whereas including a brand new companion to our world shareholders, we’re all the time excited to spend money on our nation”, mentioned Erman Ilicak, Rönesans Holding’s President.
The transaction is topic to regulatory and administrative approvals.