Total SA (EPA:FP) has joined hands with Spain’s Ignis Group to develop 3.3 GW of solar projects in Spain, a move that will take it closer to covering its entire power consumption in Europe with green energy.
The French oil and gas major said on Friday that the fresh capacity will be installed in proximity to Madrid and Andalusia, with the first plants going live in 2022. The full capacity is expected to become operational by 2025.
Total said it will pay a certain remuneration to Ignis as the projects develop.
The latest agreement builds on earlier deals signed by Total with Powertis and Solarbay Renewable Energy to develop around 2 GW of solar projects in Spain. Thus, the French group will have more than 5 GW of solar projects in the country by 2025 that will enable it to supply the overall electricity demand of its European industrial locations by 2025. The goal will be achieved through power purchase agreements (PPA) for 6 TWh coming from over 3 GW of the Spanish solar plants.
“Spain is a priority country for Total in Europe and we fully intend to leverage the market’s growth opportunities that the country offers to respond concretely to the challenges of the energy transition towards carbon neutrality,” said Patrick Pouyanne, chairman and CEO of Total.
As part of its low-carbon ambitions, Total aims to build a portfolio of low-carbon electricity operations that will account for 40% of its sales mix by 2050. Currently, it has almost 9 GW of low-carbon power production assets, of which over 5 GW are renewable power plants. Its goal is to multiply this by five by 2025.
Source: renewablesnow
