TotalEnergies SE (NYSE:TTE) inked a strategic deal with Petronas’ clean energy solutions company, Gentari Renewables Sdn Bhd, to develop renewable energy projects in the Asia Pacific region.
The transaction boosts TTE and Petronas’ collaboration in the energy transition. Both the companies have collaborated earlier in the upstream sector in 8 countries globally.
As per the deal, TotalEnergies and Gentari will jointly develop the 100MW Pleasant Hills Solar Project in Queensland, Australia, to supply low-carbon electricity to the Roma field’s gas production and processing facilities.
TotalEnergies and Petronas, each hold a 27.5% stake in Gladstone LNG.
“The 100MW Pleasant Hills Solar Project, which will contribute to lowering the emissions of Gladstone LNG, is a first material implementation of this agreement,” said Julien Pouget, Senior Vice President Asia Pacific for Exploration & Production and Renewables.
The deal is at par with TTE’s goal to reach net zero by 2050, with a gross renewable electricity generation installed capacity of 18 GW by H1 2023.
The company aims to reach a gross production capacity of 35 GW by 2025 and 100 GW by 2030 from renewable sources and storage.
Last week, TTE inked a deal with a German distribution company, VNG, to supply green hydrogen to its Leuna refinery in Germany.
Earlier this month, the company signed a Power Purchase Agreement for the Mirny project, confirming its commitment to Kazakhstan’s energy transition.
Price Action: TTE shares are trading higher by 1.98% at $57.78 on the last check Monday.
