TotalEnergies has announced the successful acquisition of a 50% stake in the solar, wind, and Battery Energy Storage Systems (BESS) portfolio of AES Dominicana Renewables Energy. This deal marks a significant expansion of TotalEnergies’ renewable energy presence in the Caribbean, where the company is already a major player in the liquefied natural gas (LNG) value chain.
The acquisition brings TotalEnergies’ total renewable energy and BESS capacity in the Caribbean to over 1.5 GW, with a combined portfolio that includes over 1 GW of contracted wind, solar, and BESS projects. Of this total, 410 MW is already operational or under construction, with long-term Power Purchase Agreements (PPAs) in place to supply electricity. The portfolio also includes over 500 MW of solar and wind capacity in development, alongside BESS projects that will help to mitigate intermittency and enhance grid stability.
This acquisition is part of TotalEnergies’ multi-energy strategy, which aims to expand the company’s presence in the renewable energy sector. The company already has a significant presence in the Dominican Republic, where it operates a partially solarized network of 184 service stations, natural gas distribution, and a 103 MW solar plant under construction.
The deal follows TotalEnergies’ 2024 acquisition of a 30% stake in AES solar and battery assets in Puerto Rico, and will help the company to achieve its targets of 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030. The partnership with AES is seen as a key component of TotalEnergies’ strategy to diversify its energy mix and reduce its carbon footprint.
According to Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, the company is pleased to expand its 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. The partnership is also seen as a positive development by AES, with Juan Ignacio Rubiolo, AES Executive Vice President & President, Energy Infrastructure and Leader of International Markets, stating that the company is excited to join forces with TotalEnergies and diversify the island’s energy mix. The proceeds from the transaction will be reinvested in AES Dominicana to grow the company’s renewables footprint.