TotalEnergies, a diversified multinational energy company, acquired 200 MW of under development solar projects. The portfolio comprises six under-development solar projects in Northern and Western Poland. The company also acquired biogas producer Polska Grupa Biogazowa.
The solar projects are expected to be operational by 2025.
“These agreements illustrate TotalEnergies’ commitment to developing its renewable activities in Poland, and in Europe as a whole, to support the European Green Deal. On the one hand, we are gaining a solid foothold in Poland’s biogas market thanks to an existing company’s proven track record, experienced teams, and broad asset base. On the other hand, we are developing our presence in renewable energies with a portfolio of solar projects. With these two transactions, we are pleased to be able to support Poland in its ambition to develop renewable energies and strengthen its energy sovereignty. We hope we will also have the opportunity to provide Poland with our expertise in offshore wind, an area in which we have formed a partnership with KGHM”, said Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies.
As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in electricity and renewables. At the end of 2022, TotalEnergies’ gross renewable electricity generation installed capacity stood at almost 17 GW.
In February 2022, TotalEnergies agreed to acquire the Commercial & Industrial Solutions (CIS) business of SunPower for $250 million. TotalEnergies said that this acquisition would allow it to extend its distributed generation (DG) business footprint to the US and develop more than 100 MW of additional capacity per year in the country. The French group’s current DG business includes 500 MW of assets in operation worldwide.
According to Mercom Annual and Q4 2022 Solar Funding and M&A report, 268 large-scale solar project acquisitions were recorded in 2022 compared to 280 in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers acquiring the most, reaching 35.7 GW.