Brazil: TotalEnergies, Petrobras, and Casa dos Ventos Join Forces for Renewable Business Ventures

16 Sep, 2023

Brazil: TotalEnergies, Petrobras, and Casa dos Ventos Join Forces for Renewable Business Ventures

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), Petrobras, and Casa dos Ventos Holding have entered into a Memorandum of Understanding to assess collaborative prospects and joint ventures in the field of renewable energy and low-carbon hydrogen within Brazil.

This strategic alliance aims to facilitate a comprehensive exploration of investment and offtake opportunities in onshore wind, offshore wind, solar, and low-carbon hydrogen sectors across the country, leveraging the collective strengths of the three companies.

Each participant brings its unique expertise to this collaboration. Casa dos Ventos Holding, a joint venture between TotalEnergies and Casa dos Ventos, holds a dominant position in wind and solar energy in Brazil, boasting a 12 GW portfolio set for development in the near future. Petrobras, as Brazil's largest energy company, contributes its renowned technical proficiency in the energy sector. TotalEnergies adds its global multi-energy knowledge and industrial approach to enrich the partnership.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, expressed enthusiasm about the venture, stating, "Brazil is a great country for developing renewable energies. We are therefore delighted to join forces with Casa dos Ventos and Petrobras to identify potential synergies between our activities, and thus develop profitable renewables opportunities."

About TotalEnergies in Brazil: TotalEnergies has maintained a presence in Brazil for nearly five decades, operating through six subsidiaries. The company now employs over 3,500 professionals across various business segments, including Exploration & Production, gas, renewable electricity (solar and wind), lubricants, chemicals, and distribution.

TotalEnergies has a significant footprint in Exploration & Production, with 11 licenses, of which 4 are under its operation. In 2022, the company achieved an average production of 104,000 barrels of oil equivalent per day in the country.

The company is actively investing in Brazil's renewable energy sector, with its subsidiary, Total Eren, managing 300 MW of operational solar and wind projects. In October 2022, TotalEnergies partnered with Casa dos Ventos, a leading renewable energy player in Brazil, to jointly develop a 12 GW renewable energy portfolio.

Additionally, TotalEnergies is engaged in the Brazilian fuel distribution market, operating a network of approximately 240 filling stations and several petroleum product and ethanol storage facilities.

TotalEnergies is committed to expanding its presence in electricity and renewables, with a goal of achieving 35 GW of gross production capacity from renewable sources and storage by 2025, and ultimately reaching 100 GW by 2030, positioning itself among the world's top 5 producers of wind and solar energy.