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TotalEnergies & RGE Progress in Large-Scale Solar & Storage Venture
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Key Takeaways
TTE and RGE's JV, Singa Renewables, won a conditional license to import 1 GW of power to Singapore.
The deal includes a hybrid solar project, battery storage, and subsea cable in Indonesia's Riau Province.
The project will use TTE's expertise in developing large-scale projects and RGE's wide presence in the region.
TotalEnergies SE (TTE - Free Report) , along with RGE, a group operating in the bio-based resources and energy sectors, has announced that Singapore’s Energy Market Authority (“EMA”) has awarded their equally-owned joint venture, Singa Renewables, a conditional license to import 1 gigawatt (GW) of renewable power from Indonesia.
The partners also signed a Memorandum of Understanding with Singapore Energy Interconnections to jointly develop a subsea interconnector, enabling electricity imports from Indonesia to Singapore.
In a formal ceremony held in Jakarta on May 28, 2025, the partners signed a Co-Investment Agreement to develop, build, and operate a hybrid renewable power plant consisting of a solar farm, a Battery Energy Storage System, and a subsea cable in Riau Province, Indonesia.
Energy-intensive users in Singapore and industrial complexes close to the solar location in Indonesia's Riau Province will receive Clean Firm Power from the project. As the project progresses, the partners will take advantage of RGE's extensive presence in Indonesia and Singapore and TotalEnergies' worldwide experience in developing large-scale energy projects.
The project will contribute to Singapore’s goal of reaching net-zero emissions by 2050, while supporting Riau Province’s economic development in Indonesia. This initiative also illustrates TotalEnergies’ commitment to ASEAN’s energy transition and security of supply.
Clean Energy Is an Important Focus for TotalEnergies
To reach net zero by 2050, TTE is developing a world-class, cost-competitive portfolio that combines flexible assets like combined-cycle gas turbines and storage with renewable energy sources like solar, onshore and offshore wind. The idea is to provide clean, reliable electricity to its customers.
As of the end of March 2025, TotalEnergies’ gross renewable electricity generation installed capacity was 28 GW. With further growth, the company plans to produce 35 GW of power by end of 2025 and more than 100 terawatt-hours of net electricity by 2030.
Other Companies Also Prioritize Clean Energy
Per a U.S. Energy Information Administration (“EIA”) report, the annual share of U.S. electricity generation from renewable energy sources will be 25% in 2025 and 27% in 2026. EIA also expects that the U.S. electric power sector will generate 2% more power in 2025 compared with 2024, which is an increase of 100 billion kilowatt-hours (kWh).
BP is significantly focusing on renewable operations as part of its broader transition to lower carbon energy. Its renewable energy goals include reaching 50 GW of generating capacity by 2030, developing wind and solar energy, and investing in hydrogen and carbon capture.
BP’s long-term (three to five years) earnings growth rate is 6.59%. The Zacks Consensus Estimate for 2025 sales indicates a year-over-year increase of 20.6%.
Shell is increasing its focus on renewable operations and expanding its capacity, aiming to become a significant player in the global energy transition. Shell has around 3.4 GW of renewable power generation capacity in operation, with 4 GW under construction/contract.
SHEL’s long-term earnings growth rate is 6.24%. The Zacks Consensus Estimate for 2025 sales indicates a year-over-year decrease of 5.5%.
By focusing on disciplined, value-driven growth in key markets, EQNR has built a gigawatt-scale renewable energy portfolio and project pipeline, with 7 GW of capacity installed or under development (2024) and aims to reach 10-12 GW by 2030.
EQNR’s long-term earnings growth rate is 12.13%. The Zacks Consensus Estimate for 2025 sales indicates a year-over-year increase of 2.5%.
TTE Stock’s Price Performance
In the past six months, shares of TotalEnergies have risen 2.8% against the industry’s 3.6% decline.
Image: Bigstock
TotalEnergies & RGE Progress in Large-Scale Solar & Storage Venture
Key Takeaways
TotalEnergies SE (TTE - Free Report) , along with RGE, a group operating in the bio-based resources and energy sectors, has announced that Singapore’s Energy Market Authority (“EMA”) has awarded their equally-owned joint venture, Singa Renewables, a conditional license to import 1 gigawatt (GW) of renewable power from Indonesia.
The partners also signed a Memorandum of Understanding with Singapore Energy Interconnections to jointly develop a subsea interconnector, enabling electricity imports from Indonesia to Singapore.
In a formal ceremony held in Jakarta on May 28, 2025, the partners signed a Co-Investment Agreement to develop, build, and operate a hybrid renewable power plant consisting of a solar farm, a Battery Energy Storage System, and a subsea cable in Riau Province, Indonesia.
Energy-intensive users in Singapore and industrial complexes close to the solar location in Indonesia's Riau Province will receive Clean Firm Power from the project. As the project progresses, the partners will take advantage of RGE's extensive presence in Indonesia and Singapore and TotalEnergies' worldwide experience in developing large-scale energy projects.
The project will contribute to Singapore’s goal of reaching net-zero emissions by 2050, while supporting Riau Province’s economic development in Indonesia. This initiative also illustrates TotalEnergies’ commitment to ASEAN’s energy transition and security of supply.
Clean Energy Is an Important Focus for TotalEnergies
To reach net zero by 2050, TTE is developing a world-class, cost-competitive portfolio that combines flexible assets like combined-cycle gas turbines and storage with renewable energy sources like solar, onshore and offshore wind. The idea is to provide clean, reliable electricity to its customers.
As of the end of March 2025, TotalEnergies’ gross renewable electricity generation installed capacity was 28 GW. With further growth, the company plans to produce 35 GW of power by end of 2025 and more than 100 terawatt-hours of net electricity by 2030.
Other Companies Also Prioritize Clean Energy
Per a U.S. Energy Information Administration (“EIA”) report, the annual share of U.S. electricity generation from renewable energy sources will be 25% in 2025 and 27% in 2026. EIA also expects that the U.S. electric power sector will generate 2% more power in 2025 compared with 2024, which is an increase of 100 billion kilowatt-hours (kWh).
Some other companies like BP plc (BP - Free Report) , Shell (SHEL - Free Report) and Equinor ASA (EQNR - Free Report) are also focused on clean energy operations.
BP is significantly focusing on renewable operations as part of its broader transition to lower carbon energy. Its renewable energy goals include reaching 50 GW of generating capacity by 2030, developing wind and solar energy, and investing in hydrogen and carbon capture.
BP’s long-term (three to five years) earnings growth rate is 6.59%. The Zacks Consensus Estimate for 2025 sales indicates a year-over-year increase of 20.6%.
Shell is increasing its focus on renewable operations and expanding its capacity, aiming to become a significant player in the global energy transition. Shell has around 3.4 GW of renewable power generation capacity in operation, with 4 GW under construction/contract.
SHEL’s long-term earnings growth rate is 6.24%. The Zacks Consensus Estimate for 2025 sales indicates a year-over-year decrease of 5.5%.
By focusing on disciplined, value-driven growth in key markets, EQNR has built a gigawatt-scale renewable energy portfolio and project pipeline, with 7 GW of capacity installed or under development (2024) and aims to reach 10-12 GW by 2030.
EQNR’s long-term earnings growth rate is 12.13%. The Zacks Consensus Estimate for 2025 sales indicates a year-over-year increase of 2.5%.
TTE Stock’s Price Performance
In the past six months, shares of TotalEnergies have risen 2.8% against the industry’s 3.6% decline.
Image Source: Zacks Investment Research
TTE’s Zacks Rank
The company currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.