TotalEnergies and European Energy have agreed to jointly develop, build and operate at least 4GW of onshore renewable projects in multiple geographies.
The joint venture, in which TotalEnergies has a 65% holding and European Energy 35%, aims to leverage both parties’ strengths.
TotalEnergies brings its experience in the construction and operation of large-scale projects coupled with its capability to market the offtake in merchant countries and its financial robustness.
European Energy has a proven track record in developing greenfield sites and engaging successfully with stakeholders.
“We are delighted to enter into this agreement with European Energy which has developed a portfolio of asset in merchant countries such or Spain where TotalEnergies is already active, and which will enable us to accelerate our profitable growth,” said senior vice president, renewables at TotalEnergies Vincent Stoquart.
“This cooperation will build on the strength and complementarity of both companies to bring value to these markets where our integrated power strategy makes a lot of sense.”
Group chief executive at European Energy Knud Erik Andersen added: “The strategic cooperation that we will enter into with TotalEnergies is a decisive step in moving forward the green transition.
“With our extensive development pipeline and experience in developing green field renewable projects and TotalEnergies’ experience and ambitions on renewable energy onshore and offshore, this partnership sets a new milestone for the further acceleration of the growth of our renewable energy capacity around the world.”
The agreement is subject to the receipt of applicable regulatory approvals from relevant authorities.