TotalEnergies Locks In Renewable Electricity Supply Deal With Saint-Gobain
TotalEnergies SE (NYSE:TTE) inked a Power Purchase Agreement (PPA) to supply renewable electricity to Saint-Gobain’s French facilities starting in January 2026.
The agreement covers 875 GWh over five years, with electricity sourced from TotalEnergies’ wind and solar plants across France.
Sophie Chevalier, Vice President, Flexible Power & Integration, TotalEnergies said, “We are delighted with this new contract with Saint-Gobain, a sign of our shared commitment to take carbon out of French industry. It also demonstrates our ability to offer electricity solutions that meet our client’s needs while ensuring the origin of the green electricity provided.”
Swaroop Srinath, Energy Purchasing Director for the Saint-Gobain Group, stated, “This contract signed with TotalEnergies allows the Group to take a further step toward this goal with a reliable and continuous supply of renewable electricity for our industrial sites. With this PPA, combined with others signed by the Group in France, 30% of the electricity will be from renewable sources in France by 2027.”
Earlier in June 2023, TotalEnergies penned a three-year agreement to supply 100 GWh of biomethane to Saint-Gobain France, starting in 2024.
Also, in December 2023, TotalEnergies signed a 15-year contract with LyondellBasell for 275 MWac of green electricity from Texas solar farms.
Last week, TotalEnergies revealed plans for 4% annual global energy production growth through 2030, targeting oil, gas, and renewables.
The company targets 50% LNG growth from 2024 to 2030 and integrating gas-to-power with renewable energy.
Investors can gain exposure to the stock via Advisor Managed Portfolios Miller Value Partners Appreciation ETF (NYSE:MVPA) and Octane All-Cap Value Energy ETF (NASDAQ:OCTA).
Price Action: TTE shares are down 0.50% at $69.09 premarket at the last check Tuesday.
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This article TotalEnergies Locks In Renewable Electricity Supply Deal With Saint-Gobain originally appeared on Benzinga.com
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