Total proposes name modification
- Producer safeguarded $2bn of financial investments in renewables and power as well as included 10GW to its portfolio in 2020
Total is to recommend a name adjustment to TotalEnergies to its investors to reflect its raised financial investment in renewables as well as electricity.
Throughout its 4th quarter as well as full year results for 2020 Total claimed the group attests its plan to "transform itself right into a wide energy company to meet the dual obstacle of the power shift: even more power, less discharges".
The group's profile will certainly be changed over the 2020-30 years with Total's development of energy production based upon two pillars, renewables as well as power and also liquified natural gas, while oil products are anticipating to fall from 55% to 30% of sales.
To anchor this change, Total will certainly suggest to its shareholders at the yearly basic conference on 28 May 2021, transforming its name to TotalEnergies.
In 2020, Total safeguarded its financial investments in renewables and electricity, of $2bn and also increased the execution of its method to expand renewables, adding 10GW to its portfolio.
With the acquisition at the start of 2021 of a 20% risk in India-based Adani Green Power Limited (AGEL) and also of portfolios of projects in the US, the team now has a portfolio of gross installed capacity, incomplete and also in advancement of 35GW by 2025 with more than 20GW already benefiting from lasting power acquisition contracts.
Other highlights include creating the largest site in France for the manufacturing of green hydrogen based on 100% eco-friendly electrical energy with Engie and the concern of EUR3bn of hybrid bonds devoted to funding the method to grow renewables.