TotalEnergies, OQAE to Develop 300-MW Renewable Project in Oman

TotalEnergies' Renewable Energy Projects in Oman - TotalEnergies SE (TTE) and OQ Alternative Energy (OQAE) signed agreements to develop 300 MW of renewable energy projects in Oman, including solar and wind farms [1] - The projects consist of a 100 MW solar project in northern Oman and two 100 MW wind farms in southern Oman, with construction starting in early 2025 and electricity production beginning in late 2026 [2] - These projects will generate over 1.4 TWh of renewable electricity annually [2] - TotalEnergies also contributed to the development of the largest solar photovoltaic system in Oman, powering a desalination plant in Sur [3] TotalEnergies' Clean Energy Strategy - TotalEnergies aims to reach net zero by 2050 by developing a cost-competitive portfolio combining flexible assets like gas turbines and storage with renewable energy sources [4] - By the end of 2024, TotalEnergies' gross renewable electricity generation capacity reached over 24 GW, with plans to produce 35 GW by 2025 and over 100 TWh of net electricity by 2030 [5] - In December 2024, TotalEnergies' Saudi developer signed a 25-year PPA for a 300 MW solar power project in Rabigh [5] Industry Trends in Renewable Energy - BP plans to reduce emissions by 30-35% by 2030 and develop 50 GW of renewable energy capacity by the same year [6] - ExxonMobil aims to achieve net-zero emissions by 2050 through electrification, lower-carbon power, and equipment upgrades [7] - Equinor is investing in solar and wind energy projects, targeting 4-6 GW of production capacity by 2026 and 12-16 GW by 2035 [8] Financial Performance and Market Trends - TotalEnergies' stock price declined by 17.9% in the past six months, compared to the industry's 14.2% decline [10] - BP's long-term earnings growth rate is 4%, with a projected 4.2% year-over-year decrease in 2024 sales [7] - ExxonMobil's long-term earnings growth rate is 3%, with a projected 2.9% year-over-year increase in 2024 sales [8] - Equinor's long-term earnings growth rate is 5.79%, with a projected 2.3% year-over-year decrease in 2024 earnings per share [9]