- TotalEnergies expands its long-standing LNG partnership with AES on renewable and battery storage in the Caribbean
- TotalEnergies has purchased 50% of AES renewable portfolio in the Dominican Republic, following a previous acquisition of 30% in AES’ Puerto Rican assets
- The combined 1.5 GW portfolio will produce 2.5 TWh/y of renewable electricity
TotalEnergies reports that it has completed the purchase of a 50% share in AES Dominicana Renewables Energy’s portfolio of solar, wind, and battery energy storage systems (BESS). Following TotalEnergies’ 2024 purchase of a 30% stake in AES solar and battery assets presently being built in Puerto Rico, this agreement was reached. In the Caribbean, the total portfolio currently surpasses 1.5 GW of BESS and renewable energy capacity.
TotalEnergies is a major participant in the LNG value chain in this region, and these agreements further the company’s multi-energy strategy.
Dominican Republic: TotalEnergies acquires 50% of AES renewables portfolio
Over 1 GW of contracted wind, solar, and BESS projects make up AES’ renewables portfolio; 410 MW of these projects are either operating or in the process of being built, and they provide power under long-term Power Purchase Agreements (PPAs). Along with BESS projects, which will be incorporated into solar facilities to reduce intermittency and improve grid stability, the portfolio also includes more than 500 MW of solar and wind capacity under construction.
Through this acquisition, TotalEnergies will be able to grow its renewables business in the Dominican Republic, where it currently has a 103 MW solar project under development, a largely solarized network of 184 service stations, and natural gas distribution.
Puerto Rico: TotalEnergies already holds 30% of a portfolio of AES renewables
The 485 MW of contracted solar and BESS projects in AES’ renewables portfolio are made up of 200 MW of solar and 285 MW/1,140 MWh of BESS projects that are presently being built.
TotalEnergies, which currently has operations in the aviation, lubricant, and petroleum industries and has a network of 200 service stations between Puerto Rico and the island of St. Thomas, is working to implement its multi-energy strategy on the island after purchasing 30% of these assets in 2024.
“We are pleased to expand our multi-energy strategy through this partnership with AES, focusing on renewables and battery storage in a region where TotalEnergies is already a leading supplier of LNG, notably for power generation. Since 2018, we have been supplying LNG to AES’s subsidiaries in Panama and the Dominican Republic”, stated Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies. “These new transactions will contribute to our targets of 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030.”
“We are excited to join forces with TotalEnergies as we diversify the island’s energy mix. The proceeds from this transaction will be reinvested in AES Dominicana, to grow our renewables footprint”, stated Juan Ignacio Rubiolo, AES Executive Vice President & President, Energy Infrastructure and Leader of International Markets.
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