Total Signs Spanish Solar Projects Deal
September 25 2020 - 3:20AM
Dow Jones News
By Joshua Kirby
Total SE has signed an agreement to develop 3.3 gigawatts of
solar-power projects in Spain, the French energy company said
Friday, in a deal that will increase the use of renewable energy at
its industrial sites.
The agreement, with Spanish developer Ignis Energia, will bring
Total's Spanish solar portfolio to more than 5GW by 2025. The first
projects under the new agreement are scheduled to start in 2022,
Total said, with all projects set to be in production by 2025.
The energy company said it aims to use the electricity generated
by its Spanish solar projects to power all of its industrial sites
in Europe by 2025. To this end, Total will buy close to 6
terawatt-hours per year from its solar projects in Spain through a
power-purchase agreement. This PPA will be the largest corporate
PPA in the world, Total said, and will allow the company to reduce
Scope 2 greenhouse-gas emissions by almost 2 million metric tons
per year.
"Our ambition, first and foremost, is to provide a clean,
affordable electricity offering to our residential customers in
Spain," said Total Chairman and Chief Executive Patrick Pouyanne.
"Spain is a priority country for Total in Europe and we fully
intend to leverage the market's growth opportunities that the
country offers to respond concretely to the challenges of the
energy transition towards carbon neutrality."
Write to Joshua Kirby at joshua.kirby@dowjones.com
(END) Dow Jones Newswires
September 25, 2020 03:05 ET (07:05 GMT)
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