TotalEnergies acquires 50% stake in AES Dominicana’s renewables portfolio
TotalEnergies finalised the acquisition of a 50% stake in AES Dominicana Renewables Energy, marking a major expansion of its renewable energy footprint across the Caribbean. The deal gives TotalEnergies a share in more than 1 gigawatt (GW) of contracted wind, solar, and Battery Energy Storage Systems (BESS) projects in the Dominican Republic, including 410 megawatts (MW) already operational or under construction and an additional 500 MW in development.
The transaction adds to TotalEnergies’ earlier 2024 investment in Puerto Rico, where the company acquired a 30% stake in a 485 MW portfolio of solar and BESS projects from AES. Combined, these assets give TotalEnergies a presence in over 1.5 GW of renewable and storage capacity across the region.
“This partnership with AES strengthens our multi-energy strategy in the Caribbean, where we are already a key LNG supplier,” said Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies. “These assets will support our global target of 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030.”
AES Dominicana’s renewable portfolio is anchored by long-term Power Purchase Agreements (PPAs), ensuring stable revenue for its operating and in-development projects. The integration of battery storage into solar plants is aimed at increasing grid reliability and reducing intermittency, a critical factor in island energy systems.
In the Dominican Republic, the deal gives TotalEnergies a significant boost to its clean energy presence. The company already operates a network of 184 service stations, a natural gas distribution business, and a 103 MW solar plant currently under construction.
In Puerto Rico, the earlier acquisition secured a 30% share of 200 MW in solar projects and 285 MW/1,140 MWh of BESS capacity under development. TotalEnergies is already active in Puerto Rico’s fuel, lubricants, and aviation sectors, and operates a retail network spanning the island and neighboring St. Thomas.
Juan Ignacio Rubiolo, Executive VP at AES, said the partnership will drive further growth: “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.”
TotalEnergies is building out a portfolio that blends renewables with flexible energy assets like combined-cycle gas turbines (CCGT) and battery storage to deliver clean, reliable electricity. As of March 2025, the company had 28 GW of installed renewable capacity and is on track to meet its 2025 goals.
