TotalEnergies has finalized the acquisition of 50% of the renewable energy production portfolio of AES Dominicana Renewables Energy in the Dominican Republic. This transaction follows a similar operation carried out in 2024, when TotalEnergies took a 30% stake in AES Corporation’s renewable projects in Puerto Rico. The combined assets of both transactions represent a cumulative installed capacity exceeding 1.5 gigawatts (GW), including solar plants, wind farms, and Battery Energy Storage Systems (BESS). This capacity is expected to enable annual production of 2.5 terawatt-hours (TWh) of renewable electricity.
Details of assets in the Dominican Republic
In the Dominican Republic, the renewable portfolio concerned totals over 1 GW of projects, of which approximately 410 megawatts (MW) are already operational or under construction. These assets primarily include wind and solar power plants, coupled with BESS systems intended to stabilize electricity supply. Production from these plants benefits from long-term Power Purchase Agreements (PPAs).
Additionally, more than 500 MW of further renewable and energy storage capacities are currently under development in the country. TotalEnergies already operates a network of 184 service stations there, some partially equipped with solar panels, as well as an additional 103 MW solar plant under construction.
Strategic participation in Puerto Rico
In Puerto Rico, TotalEnergies previously acquired a minority 30% share in a 485 MW portfolio of solar and BESS capacities currently under construction. These projects include 200 MW of solar power plants linked to PPAs and 285 MW of BESS systems representing a total storage capacity of 1,140 megawatt-hours (MWh). This participation strengthens TotalEnergies’ presence on the island, where the company owns a network of around 200 service stations distributed between Puerto Rico and the island of Saint-Thomas, as well as activities in fuels, lubricants, and aviation sectors.
Expansion of partnership between TotalEnergies and AES
This double asset transfer confirms the expansion of the strategic partnership between TotalEnergies and AES Corporation, historically focused on liquefied natural gas (LNG) supply. Since 2018, TotalEnergies has been supplying LNG to AES subsidiaries in Panama and the Dominican Republic, primarily for electricity production.
TotalEnergies targets a global renewable energy capacity of 35 GW by 2025, with an announced ambition to produce more than 100 TWh of low-carbon electricity annually by 2030. AES, for its part, plans to reinvest the funds from this transaction into its own local renewable assets, according to Juan Ignacio Rubiolo, Executive Vice President of AES.
