TotalEnergies has outlined its strategic focus on the renewable energy sector in 2024, highlighting significant acquisitions, divestments, and project developments.
The company has taken major steps to expand its renewable portfolio through key investments and partnerships. It has signed an acquisition agreement for VSB, a German renewable energy developer, strengthening its presence in the European market.
In the United States, TotalEnergies has sold a 50 percent interest in a 2 GW solar and battery energy storage system (BESS) portfolio, reflecting its strategy to optimize its asset portfolio while maintaining significant stakes in high-growth renewable energy projects. Similarly, in the United Kingdom, the company has divested a 50 percent interest in the West Burton combined cycle gas turbine (CCGT) power plant to EPUKI, an affiliate of EPH, as part of its broader asset management approach.
In Saudi Arabia, TotalEnergies, in partnership with Aljomaih Energy and Water Company, was awarded a 300 MW solar project, reinforcing its commitment to the Middle Eastern renewable energy market. Additionally, it has entered an agreement with OQ Alternative Energy to develop 300 MW of renewable energy projects in Oman.
The company has also secured a Clean Firm Power contract with STMicroelectronics for the supply of 1.5 TWh over 15 years, ensuring long-term clean energy solutions for the semiconductor industry. Another key initiative is the launch of a renewable hydrogen (bio H2) production project in collaboration with Air Liquide at the La Mède platform, demonstrating TotalEnergies’ focus on advancing hydrogen as part of the energy transition.
TotalEnergies’ net power production reached 11.4 TWh in the fourth quarter of 2024, marking a 2 percent increase from the previous quarter, mainly driven by seasonal demand for flexible power generation in Europe.
Over the entire year, net power production grew by 23 percent, reaching 41 TWh. Notably, renewable energy production saw a significant 38 percent increase, contributing to more than 60 percent of the company’s total electricity generation. By the end of the fourth quarter, the company’s gross installed renewable power generation capacity had expanded to 26 GW, with a quarter-on-quarter increase of 1.8 GW.
In terms of acquisitions, TotalEnergies invested $1,233 million in the fourth quarter of 2024, primarily in Sapura OMV in Malaysia and dry gas fields operated by Lewis Energy in the Eagle Ford basin in Texas. For the full year, acquisitions totaled $4,646 million, including the purchase of a 20 percent interest in the Dorado (Eagle Ford) gas field from Lewis Energy Group, the acquisition of German renewable energy aggregator Quadra Energy, and the addition of 1.5 GW of flexible gas capacity in Texas and 1.3 GW in the United Kingdom. The company also expanded its offshore wind portfolio in Germany in 2023 and in the Netherlands in 2024.
On the divestment front, TotalEnergies generated $1,209 million in the fourth quarter of 2024 from asset sales, including the partial sale of renewable and flexible assets in the United States, the 50 percent stake in the West Burton plant in the UK, and the divestment of TotalEnergies EP Brunei, TotalEnergies’ stake in Total PARCO in Pakistan, and a minority interest in the Natref refinery in South Africa.
For the full year, divestments amounted to $3,240 million, including the completion of a retail network transaction with Alimentation Couche-Tard in Belgium, Luxembourg, and the Netherlands, the sale of a 15 percent interest in Absheron in Azerbaijan, the farm-down of the Seagreen offshore wind farm in the UK, and the sale of petrochemical assets in Lavera, France.
These strategic transactions reflect TotalEnergies’ efforts to balance its portfolio while accelerating its transition toward a cleaner energy mix.
Baburajan Kizhakedath