French energy giant Total and 174 Power Global, a wholly-owned Hanwha Group affiliate, have signed an agreement to form a 50/50 joint venture (JV) in the U.S. Through the agreement, both companies will develop 12 utility-scale solar and energy storage projects of 1.6 gigawatts (GW) cumulative capacity.
Possibly of your interest: Total acquires Fonroche Biogaz on its quest to reduce oil dependance
Total and 174 Power Global: together for 1.6GW projects
Today, Total and 174 Power Global announced they’d signed a JV agreement to develop 12 utility-scale solar and energy storage projects; with a 1.6GW expected capacity. According to a press release, the projects’ capacity will be transferred from the pipeline 174 Power Global is currently developing.
Last year, the first project started production, transferred from 174 Power Global’s development pipeline. Thus, the remainder will be put on stream between 2022 and 2024.
The projects will be located in Texas, Nevada, Oregon, Wyoming, and Virginia. In this regard, these projected solar-storage facilities will produce clean and reliable energy across the country, leading to engineering, construction, and plant operations jobs.
174 Power Global’s extensive solar project development experience in the US will combine with Total’s decade-long international expertise in developing solar projects.
“This transaction is a first significant step for Total in the U.S. utility-scale solar market; in line with our 2025 ambition to achieve 35 GW of renewables production capacity worldwide. I am confident that this will pave the way to more opportunities in the U.S. renewables and storage market,” said Julien Pouget, Director Renewables of Total.
“I am very pleased to extend our long-standing cooperation with the Hanwha Group into renewable energies; and successfully contribute to the development of solar power generation in the U.S.”
“We are pleased to partner with Total and see significant opportunities for our JV to expand our solar and energy storage footprint,” said 174 Power Global President and CEO, Henry Yun, Ph.D. “Both 174 Power Global and Total have a strong understanding of one another’s business strategies and investment standards. This is a great partnership, and we are excited to work with the Total team and further our joint commitment to clean renewable energy and low-carbon investments.”
About the companies
As part of its ambition to advance its net-zero emissions goal by 2050, Total is building an activities’ portfolio in renewables and electricity, possibly accounting for up to 40 percent of its sales by 2050.
At the end of 2020, Total’s gross power generation capacity worldwide was around 12GW, including close to 7GW of renewable energy. The company will continue to expand its business to reach 35GW of production capacity from renewable sources by 2025.
On the other hand, 174 Power Global is a leading solar and energy storage project developer focused on North America and C&I energy markets. The company is wholly owned by the Hanwha Group and has offices in Houston, Irvine, California, and New York City.
With deep expertise across the full spectrum of the project development cycle, 174 Power Global has worked closely with utilities, landowners, local communities, financial investors, and other partners to build highly productive, utility-scale, and C&I solar power plants throughout North America.
Since its formation in 2017, 174 Power Global has signed over 3GW of power purchase agreements (PPAs) with more than 8GW of additional solar projects and 10GWh of ESS projects in the development pipeline. 174 Power Global also is affiliated with Chariot Energy, a retail energy provider that provides 100% clean, renewable solar energy to the Texas market.
Chariot Energy is transforming Texas’s energy supply while modernizing and simplifying the way solar energy is sold and delivered. 174 Power Global’s name was inspired by the 174 petawatts (PW) of power the earth receives from the sun.
