A joint venture involving French oil company Total plans to build a dozen solar and energy storage projects in the United States, including five in Texas.
In total on Thursday, South Korea announced that it had entered into an agreement with 174 Power Global, a wholly owned subsidiary of the Hanwa Group, to develop 1.6 GW of solar projects nationwide.
The first project will go into production in 2020, with the rest coming online in 2022 and 2024, the companies said. Three projects will be in West Texas, one in Central Texas and one in South Texas.
“The transaction is the first significant step in the overall use of the solar market in the US, which is in line with our 2025 goal of achieving a renewable production capacity of 35 gigawatts globally,” said Julian Bugett, Director General of Renewables at Total. “I hope this will lead to more opportunities in the US renewables and savings market.”
The solar deal between the world’s largest oil companies and North America’s leading solar developer is another sign of the shift in energy from fossil fuels to renewable energy.
Overall it set a goal of becoming a net zero emission company by 2050 last year, and is rebuilding its energy portfolio so that renewables and electricity can account for up to 40 percent of its sales by 2050. There are other European oil companies, including PP, which are preparing for a low-carbon future by investing heavily in wind and solar energy.
It generates a total of 7 gigawatts of electricity from renewable energy, which is enough to supply electricity to 2.1 million households. By 2025, the company plans to increase its renewable power generation fivefold to 35 gigawatts, enough to power 10.5 million households.
Founded in 2017, the company has returned to a total of 174 Power Global companies with an office in Houston to develop solar and energy saving projects in the United States, developing more than 8 gigawatts of solar projects.
It is affiliated with Chariot Energy, a retail electricity company that supplies solar power in Texas. The name of the company was inspired by the 174 petawatt power that the earth receives from the sun at any given time.
“We see significant opportunities in our (joint venture) to expand our solar and energy storage line,” said Henry Yoon, CEO of 174 Power Global. “We are pleased to work with the entire team and further enhance our joint commitment to clean up renewable energy and low carbon investments.”
This article originally appeared in the Houston Chronicle – an energy voice content partner. Learn more by clicking the Houston Chronicle Here.