TotalEnergies Expands Caribbean Renewables, Divests Half Stake of Portuguese Portfolio
- TotalEnergies buys 50% of AES Dominicana’s 1-GW clean-energy pipeline and sells half of a 604-MW Portuguese portfolio to a Japanese consortium for EUR 178.5 million.
TotalEnergies has taken a decisive step in the Caribbean’s clean-energy shift while reshuffling its European assets. The French major has purchased a 50 % interest in the solar, wind and battery projects held by AES Dominicana Renewables Energy, cementing a broader LNG-to-renewables partnership with US-based AES.
The newly acquired portfolio tops 1 GW of contracted capacity, with 410 MW already operating or under construction across the Dominican Republic and Puerto Rico. That tally folds in TotalEnergies’ earlier 30 % slice of AES’ 485-MW solar-plus-storage pipeline on Puerto Rico, scheduled to roll out 200 MW of PV and 285 MW/1,140 MWh of batteries over the next two years. Once everything is online, the combined 1.5 GW platform should deliver roughly 2.5 TWh of electricity annually—enough to power more than 800,000 Caribbean homes.
For TotalEnergies, the move advances a “multi-energy” playbook that links its dominant regional LNG supply with fast-growing renewable demand. “This partnership enlarges our footprint in a market where we already fuel power generation,” noted Stéphane Michel, president of gas, renewables and power. AES executive Juan Ignacio Rubiolo added that cash from the sale will be ploughed back into AES Dominicana’s own green-energy build-out.
At the same time, TotalEnergies has lightened its balance sheet in Europe. The company closed the sale of a 50 % stake in a 604 MW mix of wind, solar and small-hydro assets in Portugal for EUR 178.5 million. The buyers—MM Capital Partners 2, Daiwa Energy & Infrastructure and Mizuho Leasing—value the portfolio at EUR 550 million. Average asset age sits at 16 years, with regulated tariffs still in place; once those expire, TotalEnergies will offtake and market the power while continuing to operate the plants.
Olivier Jouny, senior vice-president for renewables, called the Portuguese divestment “a textbook example” of capital recycling aimed at boosting returns across the group’s integrated electricity business. Together, the two transactions illustrate how the French energy giant is pivoting—selectively buying where growth is steep and off-loading mature capacity to free up cash for its next wave of investments.
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