In a statement, TotalEnergies said on Tuesday that French oil giant TotalEnergies and Saudi developer Aljomai energy and water had been given a license to construct and run a 400-megawatt solar power plant in Saudi Arabia.
It is projected to be online in 2027 and to supply over 68,400 households with electricity that will be sold to the Saudi Power Procurement Company under a 25-year power purchase agreement.
TotalEnergies informed investors that it would sell off its current renewables stakes, which it did not consider as its priority markets of the U.S., Britain, Europe, and Brazil, last month.
Meanwhile, the company has been implementing a strategy of suggesting renewable projects to countries in which it has big investments in oil and gas, especially the $27 billion energy project, which it has in Iraq.
Although Total does not produce oil and gas in the kingdom, its French major is constructing an 11 billion petrochemical complex in Saudi Arabia as an expansion of the refinery it co-owns with Saudi Aramco.
In a statement, Total’s Senior Vice President of Renewables, Olivier Jouny, said, “TotalEnergies is a close partner of Saudi Arabia, where we are deploying our multi-energy strategy.”
He further added that “We are thrilled to contribute to Saudi Arabia’s target of increasing the share of renewables in its energy mix.”
