Published by Todd Bush on December 19, 2023
After a first renewable Corporate Power Purchase Agreement (CPPA) signed at the end of 2022, TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed a second contract with LyondellBasell, a global leader in the chemical industry, to supply a combined 275 MWac (358 MW) of green electricity sourced from its utility-scale Cottonwood Bayou and Brazoria Solar farms in Texas:
>> In Other News: COP28: TotalEnergies and Masdar Demonstrate Methanol-to-SAF Pathway With Successful Test Flight
The two CPPAs are indexed on merchant prices through an upside-sharing mechanism, under which the companies share any potential upside arising from increased market price over the contract term. They follow other CPPAs TotalEnergies signed with Amazon and Saint-Gobain in the U.S., demonstrating its ability to provide competitive renewable electricity to support these industry leaders’ decarbonization goals.
“TotalEnergies is proud to support LyondellBasell on its climate goals. The signing of these new upside sharing CPPAs in the United States is consistent with our strategy to take merchant exposure and will contribute to the objective of profitable growth for our Integrated Power business”, said Vincent Stoquart, Senior Vice President, Renewables at TotalEnergies.
“We are taking decisive steps to reduce our scope 1 and 2 greenhouse gas emissions and power purchase agreements are a critical lever towards meeting our targets”, said Chris Cain, LyondellBasell Senior Vice President for Net Zero Transition Strategy. “These agreements with TotalEnergies help us accelerate the development of clean energy and shift to use low carbon energy at our sites.”
TotalEnergies is one of the top renewable energy developers in the United States, with a portfolio of large-scale solar, storage, onsite B2B solar distributed generation, onshore and offshore wind projects that are expected to generate up to 10 GW of renewable power by 2025 and more than 25 GW by 2030. The Company also recently added 1.5 GW of flexible power production capacity with the acquisition of three gas-fired power plants in Texas.
As part of its ambition to get to net zero by 2050, TotalEnergies is building a world class cost-competitive portfolio combining renewables (solar, onshore and offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. At the end of 2023, TotalEnergies’ gross renewable electricity generation installed capacity was 22 GW. TotalEnergies will continue to expand this business to reach 35 GW in 2025 and more than 100 TWh of net electricity production by 2030.
>> In Company Spotlight:
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in nearly 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside this Issue 🏭 Nel ASA: Hy Stor Energy Places Gigawatt Capacity Reservation for Mississippi Clean Hydrogen Hub 🛺 Gearing Up for a Green Highway: Air Products Paves the Way for Hydrogen Transp...
Inside this Issue ⚛️ Air Products Announces Plans to Build Network of Commercial-Scale Multi-Modal Hydrogen Refueling Stations Connecting Edmonton and Calgary, Alberta, Canada 🤝 RepAir and Cella L...
Inside this Issue ⛽ FirstElement Fuel, World-Leader in Hydrogen Refueling Solutions, Selected as a Top 40 US GreenTech Company by Time Magazine 💸 Advanced Hydrogen Producing Equipment Wins Top Pri...
**Projects in Varennes and Montreal partly funded by the Government of Quebec to increase speed to market to meet accelerating global energy transition demand ---- Establishment of a state-of-the-a...
* **Upgrades add 320 megawatts of capacity to the company's largest "battery"** * **Bad Creek pumped storage technology supports the operational needs of Duke Energy's system, particular...
Ronn Inc. Signs Joint Venture LOI With Hydrogen Horizons
SCOTTSDALE, Ariz., April 29, 2024 /PRNewswire/ -- [RONN, Inc.](https://www.ronnmotorgroup.com) (OTC: RONN) announced today that it has **signed an LOI to form a joint venture with its long-time fri...
H2SITE’s AMMONIA to H2POWER Technology Receives Approval in Principle From Lloyd’s Register
* H2SITE’s AMMONIA to H2POWER technology for ammonia cracking on-board has received Approval in Principle (AiP) from [Lloyd’s Register](https://lr.org) (LR). * The technology is an onboa...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.