PARIS, FRANCE: TotalEnergies, a global energy company, has announced that it has acquired a 50% stake in Rönesans Enerji, a Turkish renewable energy company, to jointly develop wind, solar and battery storage projects in Turkey.

Rönesans Enerji operates a portfolio of 166 MW hydro assets and has a pipeline of more than 700 MW of renewable projects. The joint-venture aims to produce 2 GW of renewable energy by 2028 and sell it on the electricity market or through power purchase agreements.

The deal is part of TotalEnergies’ strategy to become an integrated player in the electricity markets and to achieve its profitability targets. It will also help boost Turkey’s renewable energy sector, which is a liberalized growing market.

TotalEnergies and Rönesans said they were delighted to join forces and leverage their respective knowhow and expertise in the renewable field. The transaction is subject to regulatory and administrative approvals.