Under the agreement with Powertis, both the companies will establish a joint venture (JV) for developing solar projects in Spain
Total Solar International, a wholly owned subsidiary of Total, has signed two agreements with Powertis and Solarbay Renewable Energy to develop around 2GW of solar projects in Spain.
Under the agreement with Powertis, which develops utility-scale solar plants in Europe and South America, both the companies will establish a joint venture for developing solar projects in Spain.
Powetis will hold 35% stake in the joint venture, while Total Solar International will have 65% stake.
Powertis will bring a pipeline of 800MW portfolio of early stage projects to the joint venture, which will also develop new projects in the future.
Total renewables senior vice president Julien Pouget said: “Spain benefits from a solar resource that is unparalleled in Europe.
“Its photovoltaic market is one of the most dynamic in Europe, with an expected capacity increase from 6 GW to nearly 40 GW by 20301. Total is pleased to enter on this fast-growing market through partnerships with local developers.”
Total will acquire 1.2 GW of solar projects from Solarbay
As per the terms of the agreement signed with Solarbay, Total Solar International will acquire 100% stake of the solar PV projects that are being developed by the company.
Solarbay is developing the projects in Andalusia, Aragon and Castile-La Mancha regions and the combined capacity is estimated to be approximately 1.2 GW.
The first project is estimated to begin operations by the end of the year, while the remaining all the projects are expected to begin operations by 2023.
Recently, French oil and gas company has agreed to acquire 50% stake in Adani Group’s solar assets for $500m.
Total and Adani Green Energy (AGEL) will create a 50:50 joint venture, to which AGEL will transfer its 2GW solar assets.
Spreading over 11 Indian states, the projects will benefit from 25-year power purchase agreements (PPA) with national and regional electricity distributors.