The Strategist

TotalEnergies to purchase a 50% stake in Rönesans Enerji

07/25/2023 - 03:36

Once the deal is completed, TotalEnergies will have access to the Turkish company's hydroelectric assets, which have a total capacity of 166 MW.

Benoît Prieur
Benoît Prieur
French oil and gas giant TotalEnergies has agreed to buy a 50% stake in the Turkish firm Rönesans Enerji to establish a joint venture for the growth of renewable energy in Turkey.

According to the press release, Rönesans Enerji has set a goal of producing 2 GW of renewable energy by 2028 using TotalEnergies' expertise in onshore wind and solar energy development and power trading, as well as Rönesans' in-depth knowledge of the local electricity market. As a result, the French company will have access to the Turkish company's 166MW worth of hydroelectric resources. For the transaction to be completed, watchdogs in Turkey must provide their approval.

According to TotalEnergies, this arrangement represents a further step in the direction of "the goal of becoming one of the top five producers of electricity from wind and solar energy worldwide." The corporation wants to reach 100GW of installed renewable electricity generation capacity by 2030.