TotalEnergies Expands Renewable Energy Footprint in the Caribbean Through Strategic Partnership with AES
TotalEnergies has finalized the acquisition of a 50% stake in AES Dominicana Renewables Energy’s portfolio of solar, wind, and Battery Energy Storage Systems (BESS) assets. This significant transaction builds upon a separate 2024 deal in which TotalEnergies secured a 30% interest in AES’s solar and battery projects currently under construction in Puerto Rico. Collectively, these acquisitions bring TotalEnergies’ renewable and storage capacity in the Caribbean to over 1.5 gigawatts (GW), marking a major milestone in the company’s expansion across the region.
The transactions reflect TotalEnergies’ continued commitment to deploying its integrated multi-energy strategy—anchored in renewable electricity, liquefied natural gas (LNG), and energy storage solutions—in markets where the company already plays a significant role. The Caribbean, with its increasing focus on clean energy, presents a strategic growth opportunity aligned with TotalEnergies’ global decarbonization goals.
Strengthening Presence in the Dominican Republic
In the Dominican Republic, TotalEnergies now owns half of AES Dominicana’s renewable energy portfolio. This portfolio includes more than 1 GW of wind, solar, and BESS capacity, all supported by long-term Power Purchase Agreements (PPAs). Of this total, 410 MW of projects are either already operational or currently under construction, providing a steady and predictable revenue stream.
The remaining capacity—over 500 MW—is in advanced stages of development and will integrate solar and wind generation with battery storage systems. This integration is aimed at mitigating the intermittency of renewable resources and strengthening the stability of the country’s power grid.
TotalEnergies’ investment in this portfolio also complements its existing presence in the Dominican Republic. The company operates a natural gas distribution business and is currently building a 103 MW solar power plant. Moreover, it has already partially solarized a network of 184 service stations throughout the country. The addition of new renewable generation capacity will allow TotalEnergies to create synergies across its downstream, gas, and power operations in the country.
Advancing the Energy Transition in Puerto Rico
The Puerto Rican component of TotalEnergies’ renewable expansion began in 2024, when the company acquired a 30% stake in AES’s renewable portfolio on the island. This includes 485 MW of contracted renewable assets, composed of 200 MW of solar generation and 285 MW / 1,140 MWh of battery energy storage systems that are currently under construction.
TotalEnergies sees Puerto Rico as a high-potential market for multi-energy integration. Beyond its renewables investment, the company is already active in the fuel, lubricants, and aviation sectors and manages a network of 200 service stations across Puerto Rico and the nearby island of St. Thomas. The addition of large-scale solar and battery infrastructure further strengthens the company’s footprint and supports the island’s transition toward cleaner, more resilient energy systems.
Strategic Significance and Outlook
The strategic alignment between TotalEnergies and AES underscores a shared commitment to accelerating the energy transition in the Caribbean. AES has long been a key energy player in the region, and the collaboration allows both companies to leverage their complementary strengths—AES in project development and TotalEnergies in global energy operations and LNG trading.
“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. “Since 2018, we have been supplying LNG to AES’s subsidiaries in Panama and the Dominican Republic. These new transactions will contribute to our targets of 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030.”
AES echoed this sentiment, emphasizing the value of the partnership and the reinvestment of proceeds into further renewable growth.
“We are excited to join forces with TotalEnergies as we diversify the island’s energy mix,” said Juan Ignacio Rubiolo, AES Executive Vice President & President, Energy Infrastructure and Leader of International Markets. “The proceeds from this transaction will be reinvested in AES Dominicana to grow our renewables footprint.”
