TotalEnergies has completed the acquisition of a 50% stake in AES Dominicana Renewables Energy’s portfolio, which includes solar, wind, and Battery Energy Storage Systems (BESS) projects. This follows its earlier acquisition in 2024 of a 30% share in AES’ solar and battery assets that are currently under construction in Puerto Rico. With this latest deal, the combined renewable energy and storage capacity across the Caribbean now exceeds 1.5 GW.
This move supports TotalEnergies’ broader multi-energy strategy in the Caribbean, a region where it is already a key player in the liquefied natural gas (LNG) market. The AES renewables portfolio includes more than 1 GW of contracted solar, wind, and storage projects. Out of this, 410 MW is either already operational or under construction and is backed by long-term Power Purchase Agreements (PPAs). Additionally, over 500 MW of solar and wind projects are currently in development. Many of these will be coupled with storage systems to help manage intermittency and improve grid reliability.
Through this acquisition, TotalEnergies strengthens its presence in the Dominican Republic, where it already operates a range of energy businesses. These include a partially solar-powered network of 184 service stations, a natural gas distribution business, and a 103 MW solar plant that is currently being built. Within the acquired AES portfolio, there are 485 MW of contracted solar and BESS projects, including 200 MW of solar and 285 MW/1,140 MWh of battery storage capacity under construction.
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 leading supplier of LNG, notably for power generation. Since 2018, we have been supplying LNG to AES’s subsidiaries in Panama and the Dominican Republic. These new transactions will contribute to our targets of 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030.”
Juan Ignacio Rubiolo, AES Executive Vice President & President, Energy Infrastructure and Leader of International Markets, mentioned, “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.”
Following the 2024 acquisition of a 30% stake in these assets, TotalEnergies has continued to expand its multi-energy operations in the Caribbean. The company is already active in the fuel, lubricants, and aviation sectors and manages a network of 200 service stations across Puerto Rico and St. Thomas.
TotalEnergies is focused on building a balanced energy portfolio that combines renewable sources such as solar and wind with flexible energy assets like combined cycle gas turbines (CCGT) and storage. As of March 2025, the company had 28 GW of installed renewable electricity generation capacity and aims to increase this to 35 GW by the end of 2025. Looking ahead, it is targeting more than 100 TWh of net electricity production by 2030.
