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TotalEnergies (TTE) Led Al Kharsaah Plant Starts Operation
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TotalEnergies (TTE - Free Report) announced that the Al Kharsaah solar power plant, jointly developed with partners QatarEnergy and Marubeni, has started commercial operation. This 800-megawatt peak (MWp) solar plant will be able to meet 10% of Qatar's peak power consumption and will reduce 26 million tons of CO2 emissions during its lifetime.
TotalEnergies has changed its focus from oil and gas production toward the development of eco-friendly sources of energy. The company strives to be a net-zero carbon emission company by 2050 and has taken the necessary steps to achieve the target. It plans to have more than 16 gigawatts (GW) of renewable gross capacity in operation by 2022-end and plans to invest $3.5 billion to expand the Renewable & Electricity business.
This new solar project, started in Qatar, will assist TotalEnergies in meeting its targeted 35 GW of clean energy production capacity by 2025. The successful completion of Al Kharsaah’s solar power plant in Qatar has opened new opportunities for TotalEnergies. Now, the company will assist Qatar Energy with a 900 MWp solar project for the Ras Laffan and Mesaieed industrial cities.
Usage of Solar Energy Increases Globally
Per the International Energy Agency (IEA), nearly 320 GW of new renewable power capacity is expected to be added in 2023, which reflects an 8% growth from 2021 installed levels of 295 GW. Per the IEA, nearly 60% of 2022 new renewable installed capacity globally will be solar energy.
The ongoing increase in renewable energy on a global scale ensures a sizeable decline in emissions, improving energy and security as well as lowering dependence on conventional fuel sources for electricity generation.
Energy Majors Show Interest in Renewables
Given the big opportunity of growth in the renewable energy space, energy majors like Shell (SHEL - Free Report) , BP plc (BP - Free Report) and Chevron Corporation (CVX - Free Report) , among others, are investing steadily to expand their operations in the renewable energy space.
Shell has a plan to add 50 GW of renewable generation projects to its portfolio and make a gradual transition toward renewable energy sources from conventional sources of fuel. Shell currently sports a Zacks Rank #1 (Strong Buy).
BP has come up with an aggressive energy transition plan to capitalize on the mounting clean energy demand. In a decade, BP has set an ambitious goal of developing 50 GW of net renewable energy generating capacity, representing a massive improvement from the 2.5 GW of capacity the company has developed so far. BP currently has a Zacks Rank #2 (Buy).
Chevron is also making strategic investments in the renewable energy space and is working to add more value in the renewable energy space. Chevron currently has a Zacks Rank #2.
Price Performance
In the past month, TTE gained 7.3% compared with its industry’s rally of 6.6%.
Image: Bigstock
TotalEnergies (TTE) Led Al Kharsaah Plant Starts Operation
TotalEnergies (TTE - Free Report) announced that the Al Kharsaah solar power plant, jointly developed with partners QatarEnergy and Marubeni, has started commercial operation. This 800-megawatt peak (MWp) solar plant will be able to meet 10% of Qatar's peak power consumption and will reduce 26 million tons of CO2 emissions during its lifetime.
TotalEnergies has changed its focus from oil and gas production toward the development of eco-friendly sources of energy. The company strives to be a net-zero carbon emission company by 2050 and has taken the necessary steps to achieve the target. It plans to have more than 16 gigawatts (GW) of renewable gross capacity in operation by 2022-end and plans to invest $3.5 billion to expand the Renewable & Electricity business.
This new solar project, started in Qatar, will assist TotalEnergies in meeting its targeted 35 GW of clean energy production capacity by 2025. The successful completion of Al Kharsaah’s solar power plant in Qatar has opened new opportunities for TotalEnergies. Now, the company will assist Qatar Energy with a 900 MWp solar project for the Ras Laffan and Mesaieed industrial cities.
Usage of Solar Energy Increases Globally
Per the International Energy Agency (IEA), nearly 320 GW of new renewable power capacity is expected to be added in 2023, which reflects an 8% growth from 2021 installed levels of 295 GW. Per the IEA, nearly 60% of 2022 new renewable installed capacity globally will be solar energy.
The ongoing increase in renewable energy on a global scale ensures a sizeable decline in emissions, improving energy and security as well as lowering dependence on conventional fuel sources for electricity generation.
Energy Majors Show Interest in Renewables
Given the big opportunity of growth in the renewable energy space, energy majors like Shell (SHEL - Free Report) , BP plc (BP - Free Report) and Chevron Corporation (CVX - Free Report) , among others, are investing steadily to expand their operations in the renewable energy space.
Shell has a plan to add 50 GW of renewable generation projects to its portfolio and make a gradual transition toward renewable energy sources from conventional sources of fuel. Shell currently sports a Zacks Rank #1 (Strong Buy).
BP has come up with an aggressive energy transition plan to capitalize on the mounting clean energy demand. In a decade, BP has set an ambitious goal of developing 50 GW of net renewable energy generating capacity, representing a massive improvement from the 2.5 GW of capacity the company has developed so far. BP currently has a Zacks Rank #2 (Buy).
Chevron is also making strategic investments in the renewable energy space and is working to add more value in the renewable energy space. Chevron currently has a Zacks Rank #2.
Price Performance
In the past month, TTE gained 7.3% compared with its industry’s rally of 6.6%.
Image Source: Zacks Investment Research
Zacks Rank
TotalEnergies currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.