Total Signs Spanish Solar Projects Deal

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."

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(END) Dow Jones Newswires

September 25, 2020 03:05 ET (07:05 GMT)

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