Officials of TotalEnergies and Rönesans at the signing ceremony. Credit: Rönesans Holding.

TotalEnergies has partnered with Turkish contracting and investment company Rönesans Holding to co-develop renewable energy projects in the country.

The French energy major agreed to buy a 50% stake in Rönesans Enerji, a subsidiary of Rönesans.

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This deal awaits clearances from regulatory and administrative authorities.  

Based in Turkey, Rönesans is a conglomerate operating across several sectors including construction, real estate development, health and energy.

Presently, Rönesans Enerji has an operating portfolio of 166MW in hydro assets and more than 700MW in the development pipeline across wind, solar and battery storage assets.

The business targets 2GW of renewable energy by 2028.

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To achieve this goal, the company will leverage TotalEnergies’ know-how in onshore wind and solar development and electricity trading, and Rönesans knowledge of the local electricity market.

TotalEnergies, gas, renewables & power president Stéphane Michel said: “Given the outlook for the Turkish market and the quality of the renewable sites in the country, we are convinced that this new partnership will be a further step towards our goal of developing our Integrated Power activity profitably. I am delighted that it will also help boost Turkey’s renewable energy sector.”

The renewable energy generated from the projects will be sold directly in the country’s electricity market or by signing power purchase agreements with end-buyers.

These projects are expected to be “cost-competitive” and align with the company’s strategy to become an integrated player in the electricity markets.

Rönesans Holding president Erman Ilicak said: “We deeply value investments in renewable energy both in Turkey and worldwide. With a goal of playing an active part in Turkey’s green energy transition, it was crucial that we work with a reputable and impactful global player.”

Recently, TotalEnergies and British oil and gas company BP secured a total of 7GW in offshore wind auctions in Germany valued at €12.6bn ($13.94bn).