TotalEnergies, Aljomaih Secure 300-MW Solar Project in Saudi Arabia

Core Viewpoint - TotalEnergies SE has signed a 25-year power purchase agreement for a 300 MW solar power project in Saudi Arabia, aligning with the country's Vision 2030 goals for renewable energy [1][2]. Group 1: Project Details - The Rabigh 2 solar project is part of Round 5 of the National Renewable Energy Program, aiming to reduce reliance on liquid fuels and achieve a balanced energy mix by 2030, with gas and renewables each contributing approximately 50% [2]. - TotalEnergies is also constructing a 119 MW solar power plant in Wadi Al Dawasir, expected to commence operations in early 2025 [3]. Group 2: TotalEnergies' Renewable Energy Strategy - TotalEnergies aims for net zero by 2050, developing a competitive portfolio that includes flexible assets and renewable sources like solar and wind to provide clean electricity [4]. - The company had an installed gross renewable power capacity of 22 GW by the end of 2023, with plans to increase this to 35 GW by 2025 and generate over 100 TWh of net electricity by 2030 [5]. Group 3: Industry Trends - Other major companies, including BP, ExxonMobil, and Equinor, are also focusing on reducing emissions and expanding renewable energy operations, with BP targeting 50 GW of net renewable capacity by 2030 [7]. - ExxonMobil plans significant investments in emission-reduction projects and aims for net-zero emissions by 2050 [8]. - Equinor is actively investing in solar and wind energy, expecting to reach a production capacity of 4-6 GW by 2026 and 12-16 GW by 2035 [9]. Group 4: Stock Performance - TotalEnergies' stock has declined by 18.8% over the past six months, compared to a 13.1% decline in the industry [11].