TotalEnergies and European Energy have come to an agreement to jointly develop, construct, and operate of a minimum of 4GW of onshore renewable initiatives across various regions.
This joint venture is structured with TotalEnergies holding a 65% stake and European Energy holding 35%, with the intention of harnessing the respective strengths of both entities.
TotalEnergies contributes its expertise in managing and running extensive projects, alongside its ability to market energy production in countries with competitive energy markets and its strong financial position.
Meanwhile, European Energy boasts a demonstrated history of creating projects from the ground up and effectively engaging with stakeholders.
Vincent Stoquart, senior vice president, renewables at TotalEnergies, said “We are delighted to enter into this agreement with European Energy which has developed a portfolio of asset in merchant countries such or Spain where TotalEnergies is already active, and which will enable us to accelerate our profitable growth.”
“This cooperation will build on the strength and complementarity of both companies to bring value to these markets where our integrated power strategy makes a lot of sense.”
Knud Erik Andersen, Group chief executive at European Energy, said “The strategic cooperation that we will enter into with TotalEnergies is a decisive step in moving forward the green transition.”
“With our extensive development pipeline and experience in developing green field renewable projects and TotalEnergies’ experience and ambitions on renewable energy onshore and offshore, this partnership sets a new milestone for the further acceleration of the growth of our renewable energy capacity around the world.”
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