How TotalEnergies is Growing its Caribbean Renewables Stake
TotalEnergies has bought 50% of AES’ renewables portfolio in the Dominican Republic, following a previous acquisition of 30% in AES’ Puerto Rican assets.
The oil and gas giant, which has 105,000 employees across 500 professions in 130 countries, is expanding its renewable and battery storage capacity in the region.
Alexandre Duret-Proux, VP M&A – Gas, Renewables & Power Branch of TotalEnergies, says: “This acquisition expands TotalEnergies long-standing LNG partnership with AES on renewable and battery storage in the Caribbean and will complement TotalEnergies current businesses in the Dominican Republic, where the company already has a network of 184 service stations, natural gas distribution and a 103 MW solar plant under construction.”
Expanding TotalEnergies’ renewables capacity
The combined 1.5 GW portfolio will produce 2.5 TWh/y of renewable electricity.
The latest deal secures a 50% stake in the solar, wind and Battery Energy Storage Systems (BESS) portfolio of AES Dominicana Renewables Energy.
It follows TotalEnergies’ 2024 acquisition of a 30% share in AES solar and battery assets currently under construction in Puerto Rico.
In a press release, the company says: “These transactions advance TotalEnergies' multi-energy strategy in a region where it is a key player in the liquefied natural gas (LNG) value chain.
“It includes over 1 GW of contracted wind, solar and BESS projects, of which 410 MW is already operational or under construction, supplying electricity under long-term power purchase agreements.”
The portfolio also includes over 500 MW of solar and wind capacity in development, alongside BESS projects, which will be integrated into solar plants to mitigate intermittency and enhance grid stability.
A multi-energy strategy
The acquisition is part of a drive by TotalEnergies to hit its 2025 and 2030 renewables targets, as Stéphane Michel, President of Gas, Renewables & Power, explains.
“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 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030.”
Dominican Republic and Puerto Rico
TotalEnergies already has a part-solar powered network of 184 service stations, natural gas distribution and a 103 MW solar plant under construction in the Dominican Republic.
In Puerto Rico, it holds 30% of a portfolio of AES renewables, which includes 485 MW of contracted solar and BESS projects – comprising 200 MW of solar and 285 MW/1,140 MWh of BESS projects currently under construction.
TotalEnergies says it is “pursuing deployment of its multi-energy strategy on the island, where it is already active in the fuel, lubricants and aviation sectors and operates a network of 200 service stations between Puerto Rico and the island of St Thomas”.
Juan Ignacio Rubiolo, AES Executive Vice President & President, Energy Infrastructure and Leader of International Markets, says: “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.”
