Total enters the Spanish solar market alongside Powertis and Solarbay
The French energy company has entered the Spanish solar market through two agreements with Powertis and Solarbay Renewable Energy that will enable it to develop 2 gigawatts (GW) of solar projects.
On the one hand, through its subsidiary Total Solar International, the group is acquiring a portfolio of 1.2 gigawatts (GW) of photovoltaic solar projects currently being developed by the Spanish developer Solarbay. These projects will be located in the autonomous communities of Andalusia, Aragón and Castilla-La Mancha.
Additionally, it will create a joint venture with Powertis, a large-scale solar power developer in Europe and South America, which will be owned 65% and 35% respectively by the two partners to develop further projects.
Powertis will contribute to the joint venture a portfolio of 800 megawatts (MW) of projects at an early stage of development, and the company may develop additional projects.
The partners expect the first project to come into operation by the end of 2020, with all projects from both portfolios expected to be operational in 2023. Total will pay remuneration (success fees) to Powertis and Solarbay in the event of success throughout the various stages of project development.
Total’s Director of Renewable Energy, Julien Pouget, expressed satisfaction with the “solid” alliance established with local developers and highlighted the opportunity that Spain offers for solar power generation. “Spain enjoys exceptional solar exposure in Europe. Its photovoltaic solar market is one of the most dynamic in Europe, with capacity expected to grow from the current 6 GW to almost 40 GW by 2030,” he stated.
Total has incorporated climate change into its strategy in order to anticipate new market trends by developing a portfolio of low-carbon electricity activities.
Its objective is for these activities to represent between 15% and 20% of its sales mix by 2040. Today, Total’s gross low-carbon electricity generation capacity is close to 7 gigawatts, of which 3 come from renewable energy sources.
Source: https://www.expansion.com/empresas/energia/2020/02/11/5e427440e5fdeaeb318b45d7.html
