TotalEnergies Acquires 50% of AES Dominicana’s RE Portfolio

TotalEnergies has announced the completion of its acquisition of a 50 percent stake in AES Dominicana Renewable Energy’s portfolio of solar, wind, and battery energy storage systems (BESS) in the Dominican Republic.

This strategic move strengthens the company’s position in the Caribbean’s growing clean energy market, where it is already a key player in liquefied natural gas (LNG) supply, according to the company’s official statement..

The deal follows TotalEnergies’ earlier 2024 acquisition of a 30 percent share in AES’s solar and battery assets currently under construction in Puerto Rico. With these combined transactions, TotalEnergies’ renewable energy and storage portfolio in the Caribbean now exceeds 1.5 GW of capacity.

Boosting Renewable Energy in the Dominican Republic

AES Dominican portfolio comprises more than 1 GW of contracted solar, wind, and BESS projects. Of this, 410 MW is already operational or under construction, backed by long-term Power Purchase Agreements (PPAs).

The portfolio also includes over 500 MW of solar and wind projects in various stages of development, along with BESS installations that will help mitigate intermittency and improve grid stability.

The acquisition enables TotalEnergies to expand its renewables business in the Dominican Republic, where it currently operates a partially solar-powered network of 184 service stations, a natural gas distribution business, and a 103 MW solar project under development.

Strengthening Presence in Puerto Rico

TotalEnergies also holds a 30 percent stake in AES’ renewable energy portfolio in Puerto Rico. This includes 485 MW of contracted solar and BESS projects, featuring 200 MW of solar capacity and 285 MW/1,140 MWh of battery storage under construction.

The company is already active in Puerto Rico’s fuel, lubricants, and aviation sectors and manages a network of 200 service stations across Puerto Rico and St. Thomas.

Multi-Energy Strategy in the Caribbean

“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.

The new transactions are expected to contribute to the company’s targets of 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030, Michel added.

Juan Ignacio Rubiolo, AES Executive Vice President & President, Energy Infrastructure and Leader of International Markets, stated, “We are excited to join forces with TotalEnergies as we diversify the island’s energy mix. The proceeds from this transaction will be reinvested in AES Dominicana to grow our renewables footprint.”

As of the end of March 2025, TotalEnergies has 28 GW of installed gross renewable electricity generation capacity.