TotalEnergies SE ( TTE ) on Thursday disclosed that it has officially opened its largest solar power complex in Europe, located near Seville, Spain. The cluster includes five solar farms with a combined capacity of 263 megawatts.
Together, these facilities are expected to generate 515 gigawatt-hours of renewable energy annually, enough to power more than 150,000 homes in Spain while cutting carbon emissions by around 245,000 tons each year.
Most of the electricity generated will be sold through long-term power purchase agreements (PPAs), with the remainder offered on the wholesale energy market.
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The installation of 400,000 bifacial solar panels, recognized as a project of strategic interest by the Junta de Andalucía, equipped with trackers, has delivered a notable economic uplift to the local area.
The development engaged 14 companies, over half based in Seville, and created around 800 direct and indirect jobs.
Olivier Jouny, Senior Vice President of Renewables at TotalEnergies, said, “We warmly thank the Spanish authorities at both the regional and national levels for supporting this solar project that is contributing to Spain’s ambition of 80% of renewables in its mix by 2030.”
“With our 1,700 employees in Spain, we are building a competitive Integrated Power portfolio that combines renewables and flexible gas-fired power plants to deliver clean firm power to our customers. We are proud to be the 4th largest provider of electricity, gas, and related services in Spain, where we have more than 2 million residential and professional customers”.
Last week, the company disclosed that it has agreed with HitecVision, a Norwegian energy investment firm, to sell a 50% stake in Polska Grupa Biogazowa (PGB) for an enterprise value of 190 million euros ($213 million).
Investors can gain exposure to the stock via FT Energy Income Partners Strategy ETF ( EIPX ) and First Trust Exchange-Traded Fund VIII FT Energy Income Partners Enhanced Income ETF .
Price Action: TTE shares are trading lower 0.82% to $58.35 premarket at last check Thursday.
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