TotalEnergies has signed agreements with developer RES to acquire certain wind and solar projects under development in Alberta, for a total capacity of more than 800MW.
The first project in this pipeline is the 184MW Big Sky Solar project located in Alberta and operational since the end of February.
More than two-thirds of the electricity generated by Big Sky Solar is backed by a long-term PPA and the surplus will be sold on the electricity market by TotalEnergies, which will also market the credits generated by the plant under Alberta’s regulated carbon programme.
Peter Clibbon, senior vice president of development at RES, said: “We are proud to have developed Big Sky Solar into a high-quality renewable energy asset, helping drive Alberta’s energy transition.
“This sale underscores the growing demand for well-developed solar projects in Canada, and we are pleased to be working closely with TotalEnergies on more projects in the future.”
Stéphane Michel, president of gas, renewables and power at TotalEnergies, added: “We are pleased with the signing of these agreements with RES to acquire over 600MW of renewables projects under development in Alberta, along with the closing of the Big Sky Solar farm acquisition.
“These projects will contribute to our targets of 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030.
“This also strengthens our operations in markets where we are deploying our Integrated Power business, such as in North America.
“Furthermore, it will contribute to cash flow growth and to our goal of reaching our 12% profitability target in the electricity segment.”
In addition, TotalEnergies has closed its acquisitions of VSB Group, a European wind and solar developer with extensive operations in Germany, and SN Power, which develops hydropower in Africa, particularly Uganda.
This deal strengthens TotalEnergies’ integrated electricity business in Germany, which represents half of VSB’s portfolio, adding to the recent acquisitions of battery storage developer Kyon Energy and energy manager Quadra Energy, as well as the company’s offshore wind positions in the country.