The Adani Green Energy deal is a huge step towards transitioning TotalEnergies into the all-encompassing energy company it wants to be. Through the acquisition, TotalEnergies has obtained stakes in over 160 renewable infrastructure projects across India, Bangladesh and Vietnam. TotalEnergies currently has 7GW of gross renewable capacity covered by a power purchase agreement with a further 4.4GW under construction and an additional 9GW in development due to come online by 2025. The company’s renewable power comes from onshore and offshore wind along with solar.
On the 28th of May 2021, Total SE went through with its rebranding to TotalEnergies as it continues to transform into a broader energy company. The name change along with a redesigned logo for the company was almost unanimous and the company will continue to seek a reduction in revenue share from oil products. The group is taking steps to reduce its emissions and is targeting a 40% reduction by 2030 and then to have net-zero emissions from all operations by 2050, in line with the Paris Agreement.
TotalEnergies has its own plans to develop multiple major wind and solar PV developments, which are due to come online within the next five years. The company seemingly has a preference for solar power over wind, as it accounts for over 90% of the capacity under development by the company and is likely driven by the expertise gained through the Adani acquisition.
TotalEnergies has dramatically altered their portfolio over the past 15 or so years as in 2005, 65% was made up by oil production and in 2019 it only made up 48% with the remaining 52% coming from natural gas, a lower carbon fuel. TotalEnergies has the aim of reaching 35GW of gross renewable energy capacity by 2025 coming from both solar and wind, approximately eight times the amount it was in 2019. Investment in renewable energy by the company is expected to be around $3bn per year with the goal of net-zero emissions by 2050.