International energy company Total and 174 Power Global, a wholly-owned Hanwha Group affiliate, have signed an agreement to form a 50-50 joint venture to develop 12 utility-scale solar + storage projects of 1.6 GW cumulative capacity in the United States, transferred from 174 Power Global’s development pipeline.
The first project started production in 2020, and the remainder will be put on stream between 2022 and 2024. Located in Texas, Nevada, Oregon, Wyoming and Virginia, the projects will produce clean and reliable energy across the United States and lead to the creation of jobs in engineering, construction and plant operations.
“This transaction is a first significant step for Total in the U.S. utility-scale solar market, in line with our 2025 ambition to achieve 35 GW of renewables production capacity worldwide. I am confident that this will pave the way to more opportunities in the U.S. renewables and storage market,” said Julien Pouget, director of renewables at Total. “I am very pleased to extend our long-standing cooperation with the Hanwha Group into renewable energies and successfully contribute to the development of solar power generation in the U.S.”.
The joint venture builds on a partnership that combines 174 Power Global’s solar project development experience in the United States with Total’s decade-long international expertise in the development of solar projects.
“We are pleased to partner with Total and see significant opportunities for our [joint venture] to expand our solar and energy storage footprint,” said Henry Yun, 174 Power Global president and CEO. “Both 174 Power Global and Total have a strong understanding of one another’s business strategies and investment standards. This is a great partnership, and we are excited to work with the Total team and further our joint commitment to clean renewable energy and low-carbon investments.”
News item from Total
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