Caribbean: TotalEnergies Expands its Partnership with AES from LNG to Renewable Energy
TotalEnergies has officially closed its acquisition of a 50% stake in AES Dominicana Renewables Energy’s portfolio, which includes solar, wind, and Battery Energy Storage Systems (BESS). This follows the company’s 2024 purchase of a 30% interest in AES’ solar and battery assets currently under development in Puerto Rico. Together, these investments bring TotalEnergies' renewable and storage capacity in the Caribbean to over 1.5 GW.
These strategic acquisitions reinforce TotalEnergies' multi-energy approach in the region, where it already plays a key role in the liquefied natural gas (LNG) supply chain.
Dominican Republic: Expanding Renewable Footprint
AES’ renewables portfolio in the Dominican Republic encompasses over 1 GW of contracted wind, solar, and BESS projects. Of this, 410 MW is either operational or under construction, supported by long-term Power Purchase Agreements (PPAs). The remainder includes over 500 MW of solar and wind capacity in development, along with BESS projects designed to enhance energy reliability and grid resilience by mitigating the intermittent nature of renewables.
This acquisition strengthens TotalEnergies' renewable energy presence in the Dominican Republic, where the company already operates a partially solar-powered network of 184 service stations, a natural gas distribution business, and a 103 MW solar plant currently under construction.
Puerto Rico: Building on a Strategic Stake
TotalEnergies also holds a 30% stake—acquired in 2024—in AES’ Puerto Rico renewables portfolio, which includes 485 MW of contracted solar and BESS projects. These consist of 200 MW of solar power and 285 MW/1,140 MWh of battery storage currently being built.
This move complements TotalEnergies’ existing operations in Puerto Rico and St. Thomas, where the company is active in fuels, lubricants, aviation, and runs a network of 200 service stations.
Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, stated:
"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 key LNG provider, especially for power generation. Since 2018, we’ve been supplying LNG to AES subsidiaries in Panama and the Dominican Republic. These new transactions support our broader targets of reaching 35 GW of gross renewable capacity by 2025 and producing over 100 TWh of electricity by 2030."
Juan Ignacio Rubiolo, AES Executive Vice President & President of Energy Infrastructure and International Markets, added:
"We’re excited to partner with TotalEnergies as we diversify the region’s energy mix. Proceeds from this transaction will be reinvested into AES Dominicana to further grow our renewable energy portfolio."
