TotalEnergies' Texas Solar Power: Strikes 275 MW Green Electricity Deal With LyondellBasell
Portfolio Pulse from Lekha Gupta
TotalEnergies SE (TTE) has signed a second contract with LyondellBasell Industries NV (LYB) to supply 275 MWac of green electricity from its solar farms in Texas. The 15-year CPPA will enable LYB to offtake 125 MWac from TTE's Brazoria Solar farm, with operations starting by the end of 2025. Additionally, a 12-year CPPA signed in 2022 involves LYB offtaking 150 MWac from TTE's Cottonwood Bayou Solar plant. TTE also announced the end of routine flaring in Nigeria and a methane detection initiative with Nigerian National Petroleum Company Limited. TTE's shares saw a slight increase of 0.30% to $67.94.
December 19, 2023 | 5:31 pm
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POSITIVE IMPACT
LyondellBasell has entered into a second contract with TotalEnergies for the offtake of green electricity, which aligns with its climate goals and sustainability efforts.
The agreement for additional green electricity offtake from TTE's solar farms demonstrates LYB's ongoing commitment to sustainability and may positively influence investor perception of the company's environmental strategies.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
TotalEnergies SE has expanded its partnership with LyondellBasell by signing a second contract for green electricity supply, and has also made progress in its sustainability initiatives in Nigeria.
The new contract with LYB for green electricity supply and the sustainability initiatives in Nigeria are likely to be viewed positively by investors and could lead to an increase in investor confidence in TTE's commitment to renewable energy and corporate responsibility.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 90