Published on 1 Oct 2023 on Zacks via Yahoo Finance

TotalEnergies (TTE) Buys Ombrea, Expands Agrivoltaics Business

TotalEnergies SE TTE announced that it has completed the acquisition of Ombrea, a prime operator in Agrivoltaics space. Ombrea has expertise in combining agriculture and green energy generation. The company has built ten sites and studied around fifty crop varieties to optimize the synergies between agricultural production and solar energy.TotalEnergies’ acquisition of Ombrea is in sync with its long-term plan to lower its carbon footprints and gradually build a portfolio of low-carbon businesses that could account for 15-20% of sales by 2040.This acquisition will also enable TTE to accelerate the development of its portfolio of 1.5 GW of agrivoltaic projects that meet the criteria set out under the French Renewable Energy Acceleration Law adopted in March 2023.

Focus on Clean Energy

The company is focused on emission reduction and generating energy from alternate and clean sources. It strives to become a net-zero carbon emission company by 2050 and has taken the necessary steps to achieve the target. The company is gradually building a portfolio of low-carbon businesses that could account for 15-20% of sales by 2040.TotalEnergies has been expanding its clean energy operation through acquisitions, partnerships and mergers with other clean energy operators. Recently, the firm announced a new clean energy joint venture with Adani Green Energy Limited (AGEL). Under this agreement, TTE will invest $300 million and hold a 50% stake in the new joint venture, with AGEL holding the rest.It aims to achieve net zero emissions by 2050 and have a gross renewable power generation installed capacity of 19 gigawatts (GWs) as of July 2023. The company plans to expand its business to reach 35 GWs of gross production capacity from renewable sources and storage by 2025 and 100 GWs by 2030.