TotalEnergies expands Caribbean renewables portfolio with AES partnership

PARIS - TotalEnergies (NYSE:TTE), the $139.6 billion energy giant with a robust financial health score of "GOOD" according to InvestingPro, has completed its acquisition of a 50% stake in AES Dominicana Renewables Energy’s portfolio of solar, wind and battery storage systems in the Dominican Republic, the company announced Wednesday. This transaction follows TotalEnergies’ earlier acquisition of a 30% share in AES solar and battery assets under construction in Puerto Rico. The combined portfolio now exceeds 1.5 GW of renewable energy and battery storage capacity across the Caribbean region and will produce 2.5 TWh of renewable electricity annually. The company’s strategic expansion comes as it maintains strong financials with a P/E ratio of 10.35 and an impressive dividend yield of 4.59%. In the Dominican Republic, the acquired portfolio includes over 1 GW of contracted wind, solar, and battery storage projects.

Of these, 410 MW is already operational or under construction, with electricity being supplied under long-term Power Purchase Agreements. The portfolio also includes over 500 MW of solar and wind capacity in development. The Puerto Rico assets comprise 485 MW of contracted solar and battery storage projects currently under construction, including 200 MW of solar and 285 MW/1,140 MWh of battery storage systems. "We are pleased to expand our multi-energy strategy through this partnership with AES, focusing on renewables and battery storage in a region where TotalEnergies is already a leading supplier of LNG, notably for power generation," said Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies. The French energy company is already active in the Dominican Republic with a network of 184 partially solarized service stations, natural gas distribution, and a 103 MW solar plant under construction.

TotalEnergies aims to reach 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030. As of the end of March 2025, the company had 28 GW of installed gross renewable electricity generation capacity. According to InvestingPro analysis, the stock currently appears undervalued, with additional insights available in the comprehensive Pro Research Report, one of 1,400+ detailed company analyses available to subscribers. According to the press release statement, proceeds from this transaction will be reinvested by AES Dominicana to grow its renewables footprint in the region. In other recent news, TotalEnergies has completed the sale of a 50% stake in its 604 MW renewable energy portfolio in Portugal to a consortium of Japanese investors for €178.5 million.

The transaction, which values the entire portfolio at €550 million, includes wind, solar, and hydroelectric assets. TotalEnergies will maintain operational control and continue to purchase and commercialize electricity production after tariffs expire. Additionally, TotalEnergies has been awarded a 1 GW offshore wind concession in the German North Sea, which will enable significant development over a 25-year period. In a strategic expansion, TotalEnergies has acquired interests in offshore blocks in Malaysia and Indonesia from PETRONAS, enhancing its position in Southeast Asia. The company has also reached a new pay agreement with offshore workers in the UK, involving a 2.25% increase in basic pay and a 5% increase in offshore allowance.

Analyst firm Bernstein SocGen has upgraded TotalEnergies’ stock rating to outperform, citing potential for approximately 25% upside and highlighting the company’s strong return on capital and low production costs. TotalEnergies continues to focus on renewable energy and strategic partnerships as part of its growth strategy. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.