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TotalEnergies, Aljomaih Secure 300-MW Solar Project in Saudi Arabia
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TotalEnergies SE (TTE - Free Report) , Saudi developer Aljomaih Energy and Water Company have signed a 25-year power purchase agreement (PPA) with the Saudi Power Procurement Company related to the 300 megawatt (MW) solar power project, Rabigh 2.
In alignment with Saudi Vision 2030, this project is a component of Round 5 of the National Renewable Energy Program, which is supervised by the Ministry of Energy. Its goals include reducing reliance on liquid fuels for electricity generation and achieving an ideal energy mix for electricity production by 2030, with gas and renewable energy at roughly 50% each. The collaboration is aimed at designing, constructing, owning and running the solar project, with a grid link anticipated in 2026.
This renewable project is a new milestone for TotalEnergies in Saudi Arabia where TotalEnergies is currently building the 119 MW Wadi Al Dawasir solar power plant, which will start operations in early 2025.
TotalEnergies Prioritizes Clean Energy
In an effort to reach net zero by 2050, TotalEnergies is developing a world-class, cost-competitive portfolio that combines flexible assets like combined-cycle gas turbine and storage with renewable energy sources like solar, onshore and offshore wind. The idea is to provide clean, reliable electricity to its customers.
TotalEnergies had an installed gross renewable power generating capacity of 22 gigawatt (GW) at the end of 2023. With further growth, TotalEnergies plans to produce 35 GW of power in 2025 and more than 100 TWh of net electricity by 2030.
In October 2024, TotalEnergies also signed a PPA with Saint-Gobain. Per the terms of the agreement, TotalEnergies will supply renewable electricity to Saint-Gobain’s French facilities. It will take effect from January 2026 for a total volume of 875 gigawatt-hour (GWh) over a period of five years.
Other Companies’ Focus on Renewable Energy
Along with TTE, other companies like BP plc (BP - Free Report) , ExxonMobil Corporation (XOM - Free Report) and Equinor ASA (EQNR - Free Report) are also set to lower emissions and increase renewable energy operations.
BP has set an aggressive energy transition plan to capitalize on the mounting demand for clean energy. By 2030, it plans to reduce emissions from operations by 30-35%. It has set an ambitious goal of developing 50 GW of net renewable energy generating capacity by 2030.
BP’s long-term (three to five years) earnings growth rate is 4%. The Zacks Consensus Estimate for 2024 sales indicates a year-over-year decrease of 4.2%.
ExxonMobil has been working to reduce emissions by developing more efficient fuels. The company intends to make large investments in emission-reduction projects over the next few years. By 2050, it intends to achieve a net-zero ambition by electrifying operations, using lower-carbon power and upgrading equipment.
XOM’s long-term earnings growth rate is 3%. The Zacks Consensus Estimate for 2024 sales indicates a year-over-year increase of 2.9%.
EQNR is investing actively in renewable energy projects, comprising power generation from solar and wind energy. Equinor aims to attain profitable growth within renewables and expects a production capacity of 4-6 GW by 2026 and 12-16 GW by 2035.
EQNR’s long-term earnings growth rate is 1.39%. The Zacks Consensus Estimate for 2024 earnings per share indicates a year-over-year decrease of 3.5%.
TTE’s Stock Price Performance
In the past six months, shares of TotalEnergies have lost 18.8% compared with the industry’s 13.1% decline.
Image: Shutterstock
TotalEnergies, Aljomaih Secure 300-MW Solar Project in Saudi Arabia
TotalEnergies SE (TTE - Free Report) , Saudi developer Aljomaih Energy and Water Company have signed a 25-year power purchase agreement (PPA) with the Saudi Power Procurement Company related to the 300 megawatt (MW) solar power project, Rabigh 2.
In alignment with Saudi Vision 2030, this project is a component of Round 5 of the National Renewable Energy Program, which is supervised by the Ministry of Energy. Its goals include reducing reliance on liquid fuels for electricity generation and achieving an ideal energy mix for electricity production by 2030, with gas and renewable energy at roughly 50% each. The collaboration is aimed at designing, constructing, owning and running the solar project, with a grid link anticipated in 2026.
This renewable project is a new milestone for TotalEnergies in Saudi Arabia where TotalEnergies is currently building the 119 MW Wadi Al Dawasir solar power plant, which will start operations in early 2025.
TotalEnergies Prioritizes Clean Energy
In an effort to reach net zero by 2050, TotalEnergies is developing a world-class, cost-competitive portfolio that combines flexible assets like combined-cycle gas turbine and storage with renewable energy sources like solar, onshore and offshore wind. The idea is to provide clean, reliable electricity to its customers.
TotalEnergies had an installed gross renewable power generating capacity of 22 gigawatt (GW) at the end of 2023. With further growth, TotalEnergies plans to produce 35 GW of power in 2025 and more than 100 TWh of net electricity by 2030.
In October 2024, TotalEnergies also signed a PPA with Saint-Gobain. Per the terms of the agreement, TotalEnergies will supply renewable electricity to Saint-Gobain’s French facilities. It will take effect from January 2026 for a total volume of 875 gigawatt-hour (GWh) over a period of five years.
Other Companies’ Focus on Renewable Energy
Along with TTE, other companies like BP plc (BP - Free Report) , ExxonMobil Corporation (XOM - Free Report) and Equinor ASA (EQNR - Free Report) are also set to lower emissions and increase renewable energy operations.
BP has set an aggressive energy transition plan to capitalize on the mounting demand for clean energy. By 2030, it plans to reduce emissions from operations by 30-35%. It has set an ambitious goal of developing 50 GW of net renewable energy generating capacity by 2030.
BP’s long-term (three to five years) earnings growth rate is 4%. The Zacks Consensus Estimate for 2024 sales indicates a year-over-year decrease of 4.2%.
ExxonMobil has been working to reduce emissions by developing more efficient fuels. The company intends to make large investments in emission-reduction projects over the next few years. By 2050, it intends to achieve a net-zero ambition by electrifying operations, using lower-carbon power and upgrading equipment.
XOM’s long-term earnings growth rate is 3%. The Zacks Consensus Estimate for 2024 sales indicates a year-over-year increase of 2.9%.
EQNR is investing actively in renewable energy projects, comprising power generation from solar and wind energy. Equinor aims to attain profitable growth within renewables and expects a production capacity of 4-6 GW by 2026 and 12-16 GW by 2035.
EQNR’s long-term earnings growth rate is 1.39%. The Zacks Consensus Estimate for 2024 earnings per share indicates a year-over-year decrease of 3.5%.
TTE’s Stock Price Performance
In the past six months, shares of TotalEnergies have lost 18.8% compared with the industry’s 13.1% decline.
Image Source: Zacks Investment Research
TTE’s Zacks Rank
The company currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.