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TotalEnergies Grows Caribbean Presence With AES Renewable Partnership

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Key Takeaways

  • TTE acquired 50% of AES Dominicana's solar, wind, and BESS portfolio, totaling over 1 GW.
  • The deal boosts TTE's presence in the Dominican Republic, where it already has solar and LNG assets.
  • Through these new transactions, TTE aims to reach 35 GW of gross renewable capacity by 2025.

TotalEnergies SE (TTE - Free Report) announced the closing of its acquisition of a 50% stake in the solar, wind and Battery Energy Storage Systems (“BESS”) portfolio of AES Corporation’s (AES - Free Report) subsidiary AES Dominicana Renewables Energy.

Key Details of the Acquisition

With over 1 gigawatt (GW) of contracted wind, solar, and BESS projects—410 megawatt (MW) of which are currently active or under construction—AES' renewables portfolio provides electricity through long-term power purchase agreements. Along with more than 500 MW of solar and wind power under development, the portfolio also includes BESS projects that will be incorporated into solar plants to improve grid stability and reduce intermittency.

Through this acquisition, TotalEnergies will be able to expand its renewables business in the Dominican Republic, where it currently has a 103 MW solar project under development, a largely solarized network of 184 service stations and natural gas distribution.

Growing Partnership Between TTE and AES

The recent transaction comes after TotalEnergies purchased a 30% stake in AES solar and battery assets, which are currently being built in Puerto Rico since 2024. The Caribbean region's total renewable energy and BESS capacity now exceeds 1.5 GW.

The AES’ renewables portfolio includes 485 MW of contracted solar and BESS projects, comprising 200 MW of solar and 285 MW/1,140 MWh of BESS projects currently under construction.

Through this collaboration with AES, TTE aims to broaden its multi-energy approach, concentrating on battery storage and renewable energy in an area where TotalEnergies is already a top provider of liquefied natural gas (“LNG”), particularly for power generation. TTE has been providing LNG to AES' subsidiaries in Panama and the Dominican Republic since 2018.

Other Energy Companies’ Focus on Renewables

To reach net zero by 2050, TTE is developing a world-class, cost-competitive portfolio that combines flexible assets, such as combined-cycle gas turbines and storage, with renewable energy sources, including 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. These new transactions will contribute to TTE’s targets of 35 GW of gross renewable capacity by 2025 and over 100 terawatt-hours of electricity production by 2030.

Other Companies’ Focus on Clean Energy

Other companies such as BP plc (BP - 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 6.78%. The Zacks Consensus Estimate for 2025 sales indicates a year-over-year increase of 20.6%.

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 11.56%. The Zacks Consensus Estimate for 2025 sales indicates a year-over-year increase of 5.2%.

TTE Stock’s Price Performance

In the past month, shares of TotalEnergies have risen 7.5% compared with the industry’s 7% growth.    

 

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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.

 

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