When the Group’s annual results were presented, Total reaffirmed its ambition to be among the top 5 world renewable energy producers and gave details of its asset portfolio in this sector.
Total’s ambition in the renewable energy sectors is clear: to be among the top 5 world renewable energy producers. The Group is giving itself the means to achieve this ambition. In spite of a difficult year in 2020, marked by the world health crisis, Total secured its investments in Renewables & Electricity ($2 billion)and accelerated the implementation of its strategy to grow renewables, adding 10 GW gross capacity to its portfolio.
With the acquisition at the start of 2021 of a 20% stake in the Indian company Adani Green Energy Limited (AGEL), the largest solar developer in the world, and of portfolios of projects in the United States and the United Kingdom, the Group now has a portfolio of gross installed capacity, under construction and in development of 35 GW by 2025. On presenting its annual results for 2020, Total gave details of its asset portfolio: 7 GW are already in operation, 5 GW under construction, 23 GW in development by 2025, 4 GW in development after 2025. Approximately 60% of these capacities benefit from long-term power purchase agreements, which will generate predictable cash flow. Of the 7 GW already in operation 20% are from wind energy and 80% from solar power (see graph).
Renewables & Electricity and Liquefied Natural Gas are the two pillars of Total’s growth in energy production for the coming decade. At the end of 2020 the Group’s net power production from renewables and natural gas power stations stood at 14 TWh. The objective is to achieve a net power production of over 100 TWh mainly from renewables by 2030. Developing an integrated business model from production to sales through storage and trading, Total already had 5.6 million electricity customers in 2020 and is targeting sales to 9 million customers by 2025.