Total enters Spain's solar energy market

Total Oil and Gas Group, through its subsidiary Total Solar, enters the Spanish solar energy market, Renen reports.

The concern has concluded two contracts with Powertis and Solarbay Renewable Energy, and plans to implement solar projects with a capacity of about 2 GW.

“Spain benefits from its solar resources which are unique in Europe. Its photovoltaic market is one of the most dynamic in Europe. Power is expected to increase from 6 GW to nearly 40 GW by 2030. Total is pleased to enter this fast-growing market through partnerships with local developers”, said Senior Vice President on Renewable Resources at Total.

Total Solar and Powertis have agreed to establish a joint venture (65%/35%) to implement solar projects in Spain. Powertis will provide this joint venture with its early-stage portfolio of 800 MW projects.

Total oil and gas concern will acquire 100% of the portfolio of solar photovoltaic projects from Solarbay. Solar power plants will have a combined capacity of up to 1.2 GW.

The first facility should be operational by the end of this year, the remaining facilities by the end of 2023.

Total now manages electricity assets with a total capacity of about 7 GW, of which 3 GW is renewable energy sources.

It was previously reported that Total had won a tender for the construction of an energy storage system in Finland.

Tags: gas, contracts, oil, renewable energy, solar energy, legislation, electricity, EU, Top management, feed-in tariff, ETL, electricity market, foreign affairs, renewables, energy storage, ecology, decarbonisation

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