TotalEnergies said Monday it signed an agreement with Rönesans Holding to acquire a 50% stake in Rönesans Enerji and jointly develop, through this joint-venture, renewable projects in Turkey, which is a liberalized growing electricity market.
Rönesans Enerji is currently operating a portfolio of 166 MW hydro assets. The company has as well secured a pipeline of more than 700 MW of wind, photovoltaic, and battery storage assets.
Leveraging TotalEnergies knowhow in onshore wind and solar development and in electricity trading and Rönesans deep knowledge of the local electricity market, Rönesans Enerji’s ambition is to produce 2 GW of renewable energy by 2028.
The production generated by these sites will be marketed, notably by selling it directly on the electricity market or by entering into power purchase agreements (PPAs) with end-buyers. These projects, which are cost-competitive given the quality of Turkey’s renewable potential, are in line with the Company’s strategy of becoming an integrated player in the electricity markets, taking advantage of price volatility, and will contribute to achieving the Integrated Power Business Unit’s double-digit profitability targets.
“We are delighted to join forces with Rönesans, which has developed a diversified portfolio of assets including wind, hydro and solar power. Given the outlook for the Turkish market and the quality of the renewable sites in the country, we are convinced that this new partnership will be a further step towards our goal of developing our Integrated Power activity profitably. I’m delighted that it will also help boost Turkey’s renewable energy sector”, said Stéphane Michel, President Gas, Renewables & Power for TotalEnergies.
“We deeply value investments in renewable energy both in Turkey and worldwide. With a goal of playing an active part in Turkey’s green energy transition, it was crucial that we work with a reputable and impactful global player. We’re excited to collaborate with TotalEnergies to jointly invest in green projects. While adding a new partner to our global shareholders, we are always excited to invest in our country”, said Erman Ilicak, Rönesans Holding’s President.
The transaction is subject to regulatory and administrative approvals.