TOTAL S.A. (NYSE:TOT) announced that its subsidiary, Total Quadran has begun operation of Hélio Boulouparis 2, the largest solar power plant with energy storage in overseas France. The Hélio Boulouparis 2 is second tranche of the New Caledonia solar park. The first tranche, Hélio Boulouparis 1, had started operation in 2017.
The Hélio Boulouparis 2 solar project will have more than 58,000 solar plants and has an installed capacity of 16 megawatts peak that is enough to provide clean power to 21,000 residents of New Caledonia. This new plant will also have a 10 MW lithium-ion energy storage system that will support the gird.
Focus on Clean Energy
These solar projects are in sync with Total’s commitment to develop renewable assets to assist in clean electricity generation on a worldwide basis. The company's gross low-carbon power generation capacity on a worldwide basis stands at 7 gigawatts (GWs), of which contribution from renewable energies is more than 3 GWs. TOTAL is committed to expand clean generation assets and the acquisition of SunPower Corporation (NASDAQ:SPWR) helped the company to expand its footprint in the renewable space.
TOTAL, taking into consideration the impact of climate change, is building a portfolio of low-carbon businesses that could account for 15-20% of sales by 2040.
In addition to TOTAL, oil and gas majors like Chevron Corporation (NYSE:CVX) and Royal Dutch Shell (LON:RDSa) Plc RDS.A are going to invest heavily in the renewable energy space. These companies are committed to reduce carbon footprint over the next few years and have made several acquisitions to expand in the clean energy space.
TOTAL’s shares have outperformed its industry in the past six months.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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