This strategic move diversifies TotalEnergies' presence in the region beyond LNG, marking a substantial commitment to green energy development.
Global multi-energy company TotalEnergies has announced a significant expansion of its collaboration with AES, a leading power generation and distribution company, by acquiring substantial stakes in AES's renewable energy portfolios in the Dominican Republic and Puerto Rico. These transactions mark a strategic pivot for TotalEnergies, deepening its commitment to renewable energy and battery storage solutions in a region where it has historically been a key player in the liquefied natural gas (LNG) value chain.
The latest development sees TotalEnergies completing the acquisition of a 50% stake in AES Dominicana Renewables Energy's comprehensive portfolio of solar, wind, and Battery Energy Storage Systems (BESS). This follows a previous acquisition in 2024, where TotalEnergies secured a 30% share in AES's solar and battery assets currently under construction in Puerto Rico. The combined portfolio now boasts an impressive 1.5 GW of renewable energy and BESS capacity across the Caribbean, poised to generate approximately 2.5 TWh/y of clean electricity.
The Dominican Republic portfolio is particularly robust, encompassing over 1 GW of contracted wind, solar, and BESS projects. Of this, 410 MW are already operational or under construction, supplying electricity through long-term Power Purchase Agreements (PPAs). Furthermore, the portfolio includes over 500 MW of solar and wind capacity in development, alongside BESS projects designed to integrate seamlessly with solar plants.
These battery systems are crucial for mitigating intermittency inherent in renewable sources and enhancing overall grid stability. For TotalEnergies, this acquisition in the Dominican Republic is a natural extension of its existing operations, which include a partially solarized network of 184 service stations, natural gas distribution, and a 103 MW solar plant currently under construction.
In Puerto Rico, TotalEnergies' earlier 30% acquisition in AES's renewable portfolio already includes 485 MW of contracted solar and BESS projects. This comprises 200 MW of solar and a substantial 285 MW/1,140 MWh of BESS projects, all currently under construction. This move further solidifies TotalEnergies' multi-energy strategy on the island, where it maintains a strong presence in the fuel, lubricants, and aviation sectors, in addition to operating a network of 200 service stations across Puerto Rico and St. Thomas.
St茅phane Michel, President of Gas, Renewables & Power at TotalEnergies, expressed enthusiasm about the expanded partnership. "We are pleased to expand our multi-energy strategy through this partnership with AES, focusing on renewables and battery storage in a region where TotalEnergies is already a leading supplier of LNG, notably for power generation," he stated.
