Renewable energy company Low Carbon announced that it has completed the sale of a ready-to-build portfolio of eight solar projects with a combined capacity of 350 MW and two co-located battery storage assets with a capacity of 85 MW to France-based energy giant TotalEnergies.
All projects are at an advanced stage of development, forming part of Low Carbon’s 16 GW pipeline, which includes solar, onshore wind and battery projects.
Olivier Jouny, Senior Vice President of Renewables at TotalEnergies, said:
“We are delighted with the acquisition of these projects from Low Carbon. Located in the south of England, they benefit from favorable sunlight and complement our integrated electricity portfolio in the UK, which includes 1.1 GW of gross installed offshore wind, 1.3 GW of gross combined cycle gas turbine, and more than 600 MW of solar projects under development.”
The acquired projects should be operational by 2028, producing more than 350 GWh of renewable electricity per year – the equivalent energy consumption of 100,000 UK households annually.
This purchase follows a series of transactions made over the last few months by TotalEnergies, including the closing of three acquisitions in Europe, Africa and Canada. These deals form part of the energy firm’s efforts to boost clean energy capacity and align with its overall commitment to reach more than 100 TWh of net electricity production by 2030 and net zero across the business by 2050.
Roy Bedlow, Founder and CEO of Low Carbon, said:
“We are very pleased to have finalized this agreement with TotalEnergies, who are making an impressive commitment to building renewable infrastructure and sees Low Carbon deliver one of the largest ready-to-build portfolios of solar and battery projects in the UK market.”
Low Carbon currently has more than 1 GW of renewable capacity in operation and construction across the UK and Europe that is supported through a mixture of corporate power purchase agreements and (PPAs) and contracts for difference (CfDs).
Low Carbon will be starting construction on an additional 400 MW of solar and battery projects over the next 18 months.
