UPDATE 1-France's Total extends U.S. solar portfolio in renewables rush

  • Reuters
  • Stock Market News
UPDATE 1-France's Total extends U.S. solar portfolio in renewables rush
Credit: © Reuters.

(Adds details on Total strategy)

PARIS, Feb 5 (Reuters) - French oil major Total TOTF.PA , which is making a major push to develop its renewable energy portfolio, said on Friday it had bought 2.2 gigawatts (GW) of solar projects in Texas, adding to a rush of acquisitions elsewhere this year.

Europe's top energy companies have outlined plans to curb emissions and boost renewable energy output as they come under pressure from investors. Total is looking to wean itself off a reliance on oil and plans to market more electricity to clients.

It aims to add some 10 GW in renewable energy production capacity a year and to reach 35 GW by 2025.

Its latest deal in the U.S. also involves 600 megawatts (MW) of battery storage assets. Total said it was buying the portfolio from SunChase Power and private energy investment firm MAP RE/ES, but did not give financial details.

The group is now developing close to 4 GW of renewable energy capacity in the United States, it said, adding that construction of the first two Texan solar projects was expected to start later this year.

It said it would cover all power consumption at its U.S. production sites, including its refining and petrochemical platforms, from its solar power and energy storage assets.

Total, which reports 2020 earnings next week, said in January it would pay $2.5 billion for a share in India's Adani (NS: APSE ) Green Energy Limited (AGEL) and its solar power assets, its biggest investment yet in renewables.

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