TotalEnergies acquires 50% stake in AES renewable assets in Dominican Republic

PARIS - TotalEnergies (NYSE:TTE) has completed the acquisition of a 50% stake in AES (NYSE:AES) Dominicana Renewables Energy’s portfolio of solar, wind and battery storage systems, the company announced Wednesday based on a press release statement.

This transaction follows TotalEnergies’ earlier acquisition of a 30% share in AES solar and battery assets under construction in Puerto Rico. The combined portfolio now exceeds 1.5 GW of renewable energy and battery storage capacity across the Caribbean, expected to produce 2.5 TWh of renewable electricity annually.

In the Dominican Republic, the acquired portfolio includes over 1 GW of contracted wind, solar, and battery projects, with 410 MW already operational or under construction. These assets supply electricity under long-term Power Purchase Agreements. The portfolio also includes more than 500 MW of solar and wind capacity in development.

The Puerto Rico assets comprise 485 MW of contracted solar and battery projects, including 200 MW of solar and 285 MW/1,140 MWh of battery storage systems currently under construction.

"We are pleased to expand our multi-energy strategy through this partnership with AES, focusing on renewables and battery storage in a region where TotalEnergies is already a leading supplier of LNG, notably for power generation," said Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies.

TotalEnergies reported it has 28 GW of installed gross renewable electricity generation capacity as of the end of March 2025 and aims to reach 35 GW by the end of 2025.

The company is already active in the Dominican Republic with a partially solarized network of 184 service stations, natural gas distribution, and a 103 MW solar plant under construction. In Puerto Rico, TotalEnergies operates in fuel, lubricants, and aviation sectors, with a network of 200 service stations across Puerto Rico and St. Thomas.

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