TotalEnergies has signed an agreement with Rönesans Holding to acquire a 50% stake in Rönesans Enerji – a JV to develop renewable energy projects in Turkey.
Rönesans Enerji is currently operating a portfolio of 166MW hydro assets. The company has as well secured a pipeline of more than 700MW of wind, photovoltaic, and battery storage assets.
Leveraging TotalEnergies knowhow in onshore wind and solar development and in electricity trading and Rönesans deep knowledge of the local electricity market, Rönesans Enerji’s ambition is to produce 2GW of renewable energy by 2028.
The production generated by these sites will be marketed, notably by selling it directly on the electricity market or by entering into PPAs with end-buyers.
These projects are in line with its strategy of becoming an integrated player in the electricity markets, taking advantage of price volatility, and will contribute to achieving the Integrated Power Business Unit’s double-digit profitability targets, TotalEnergies said.
Stéphane Michel, president of gas, renewables & power for TotalEnergies, said: “We are delighted to join forces with Rönesans, which has developed a diversified portfolio of assets including wind, hydro and solar power.