TotalEnergies, STMicroelectronics ink 15 year renewable energy deal

TotalEnergies has signed on Tuesday a 15-year agreement with semiconductor company STMicroelectronics to supply 1.5 terawatt hours of renewable electricity annually for its operations in France.

The electricity, which began flowing this month, is sourced from recently commissioned wind and solar farms developed by TotalEnergies in France.

STMicroelectronics stated that the deal supports its goal to fully power its operations with renewable energy by 2027. This agreement follows similar renewable energy contracts the company has established in Italy and Malaysia.

For TotalEnergies, the partnership marks another step toward its ambition to produce 100 terawatt hours of net renewable electricity annually by 2030, reinforcing its commitment to expanding its integrated power business.

Attribution: Reuters

Subediting: Y.Yasser

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French energy leaders urge faster renewable project approvals

France must streamline its processes for renewable energy projects or risk falling behind its European neighbours, warned the CEOs of TotalEnergies and EDF on Tuesday.

Speaking at the French electricity union (UFE) annual conference, Luc Remont of EDF and Patrick Pouyanne of TotalEnergies stressed the importance of reforming licensing and regulatory practices to meet the country’s ambitious renewable energy goals and achieve carbon neutrality by 2050.

France has set targets to reach 45 GW of offshore wind power by 2050 but currently has only 2 operational offshore wind farms generating nearly 1 GW.

In contrast, countries like Germany and Britain have made significant progress due to more efficient permitting processes. Remont described the delays as “hell” for investors, noting that administrative hurdles in France are unmatched elsewhere, impacting not just renewables but also industrial grid connections.

Pouyanne, whose company aims for 100 GW of renewable capacity by 2030, highlighted that France’s bureaucratic challenges severely limit growth.

While TotalEnergies has 27 GW of global renewable capacity, only about 2 GW is in France. The CEO pointed out that permits in Germany are secured twice as fast, and French taxes on energy storage hinder development.

Pouyanne likened the situation to the contrast between renovating Notre Dame Cathedral in five years and the slow pace of renewable energy project approvals in France.

Attribution: Reuters

Subediting: M. S. Salama

TotalEnergies eyes 7 exploration wells in S. Africa

TotalEnergies is seeking approval to drill up to seven exploration wells in the southern part of its Deep Water Orange Basin (DWOB) block off the west coast of South Africa, as per documents from SLR showed on Tuesday.

Shell and other oil companies are also interested in this area due to recent discoveries in the Orange Basin, which could lead to more findings further south.

TotalEnergies EP South Africa is exploring a new area in the deep waters of DWOB, located 200 kilometres from shore between Port Nolloth and Saldanha Bay. The company has received authorisation to search for oil and gas in the northern part of DWOB in 2023.

“TEEPSA now wants to explore for oil and gas in a new area of interest within the southern part of the licence block,” a document from SLR environmental consultancy showed.

SLR, an independent environmental consultancy, has been tasked with conducting an environmental impact assessment as part of the regulatory process required for TotalEnergies to begin exploration activities.

The area of interest for TotalEnergies, which recently gave up interests in other offshore blocks in South Africa, covers nearly 15,000 km2. TotalEnergies did not immediately respond to Reuters request for comment.

Offshore exploration in South Africa has faced obstacles due to legal challenges from environmental activists who oppose fossil fuels and worry about the impact on fishing communities.

Attribution: Reuters

Subediting: M. S. Salama

Adani Green shares dive after TotalEnergies pullback

Adani Green Energy shares plummeted by 11.3 per cent on Monday following a significant announcement from French energy giant TotalEnergies that it would cease any new financial contributions to its investments within the Adani Group.

This decision comes amidst a recent US federal indictment against Gautam Adani, chairman of the Adani Group, and his nephew.

Attribution: Reuters

Subediting: M. S. Salama

TotalEnergies freezes investments in Adani Group

French oil major TotalEnergies SE stated on Monday that it was unaware of a US investigation into potential bribery and corruption at Adani Green Energy Limited.

In response to the recent US federal indictment, TotalEnergies announced that it will halt financial contributions to investments involving Adani Group companies.

The company emphasised that it will refrain from making new financial contributions to Adani Group companies until the accusations against them are clarified.

The US indictment alleges that eight individuals, including Adani Group chairman Gautam Adani and his nephew Sagar Adani, offered and made improper payments to Indian officials between July 2021 and 2024 to secure business advantages.

In January 2021, the French company acquired a 19.75 per cent stake in Adani Green Energy, shortly after the Indian company secured a major solar order.

Total also holds a 37.4 per cent stake in Adani Total Gas Limited and has 50 per cent ownership in three renewable joint ventures with Adani Green Energy. These joint ventures were established after the FBI searched Sagar Adani and confiscated evidence linked to Adani Green Energy.

Attribution: Reuters, TotalEnergies report 

Subediting: M. S. Salama

Egypt commits to 42% renewable energy share by ’30 – PM

At the 2024 UN Climate Change Conference (COP29), Egyptian Prime Minister Moustafa Madbouly emphasised Egypt’s commitment to achieving 42 per cent renewable energy share in its energy mix by 2030.

Speaking on behalf of President Abdel Fattah El Sisi, Madbouly introduced Egypt’s NWFE platform, prioritising projects in water, energy, and sustainable transport with support from development partners.

Madbouly further called on COP29 participants to reaffirm their commitments, particularly in providing financing for developing nations, pointing out that African nations are allocating up to 5 per cent of their GDP to address climate change, according to reports from the Economic Commission for Africa.

He highlighted the challenges faced by Egypt and other African nations in securing adequate funding, noting that access to finance is often restricted by conditions that require rapid measures, which do not consider the social and economic realities of these countries.

Madbouly also emphasised that, in the context of the conference’s discussions on the New Collective Quantified Goal on Climate Finance (NCQG) for climate finance, it is crucial that developed countries take on the primary responsibility for providing this funding.

Attribution: The Egyptian Cabinet

Subediting: M. S. Salama