TotalEnergies SE said Wednesday it had completed the purchase of a 50 percent stake in AES Corp.’s renewable energy and battery energy storage system (BESS) portfolio of over one gigawatt in the Dominican Republic.
Last year the French energy giant acquired a 30 percent stake in Arlington, Virginia-based AES’ renewables portfolio in Puerto Rico.
“The combined portfolio now exceeds 1.5 GW of renewable energy and BESS capacity across the Caribbean”, TotalEnergies said in an online statement.
The Dominican portfolio includes wind, solar and BESS projects, 410 megawatts of which are operational or under construction. Under-development wind and solar total over 500 MW. The BESS projects will be integrated into solar plants to mitigate intermittency, according to TotalEnergies.
The company already owns a 103-MW solar plant under construction and a partially solarized network of 184 service stations, as well as operates natural gas distribution, in the Dominican Republic.
The Puerto Rican portfolio includes 200 MW of solar and 285 MW/1,140 MW hours of BESS projects under construction.
“TotalEnergies is pursuing deployment of its multi-energy strategy on the island, where it is already active in the fuel, lubricants, and aviation sectors, and operates a network of 200 service stations between Puerto Rico and the island of St Thomas”, the company said.
Stephane Michel, TotalEnergies president for gas, renewables and power, said, “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. Since 2018, we have been supplying LNG to AES’s subsidiaries in Panama and the Dominican Republic”.
On April 15, 2025, TotalEnergies announced a heads of agreement with Energia Natural Dominicana (EnaDom), the joint venture between AES and Energas in the Dominican Republic, for the supply of 400,000 metric tons a year of LNG for 15 years from 2027. The volumes from TotalEnergies would enable EnaDom to supply a 470-MW combined-cycle power plant under construction.
Juan Ignacio Rubiolo, AES executive vice president and president for Energy Infrastructure, said of the farm-out, “The proceeds from this transaction will be reinvested in AES Dominicana, to grow our renewables footprint”.
TotalEnergies aims to reach 35 GW gross renewables-sourced generation capacity by the end of 2025 and over 100 terawatt hours of net electricity production by 2030. As of the end of the first quarter of 2025, TotalEnergies had 28 GW gross installed renewables capacity, according to the company.
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