TotalEnergies SE (NYSE:TTE) and Aljomaih Energy & Water (AEW) won a Saudi Power Procurement Company (SPPC) tender to construct and operate a 400 MW solar plant in As Sufun, Kingdom of Saudi Arabia (KSA).
The facility, which will power over 68,400 homes under a 25-year PPA, is set to connect to the grid in 2027.
The project falls under the NREP, bolstering Saudi Vision 2030’s aim for up to 50% renewable energy capacity by 2030.
Also Read: TotalEnergies, Veolia Partner To Drive Low-Carbon Future
Management Commentary
Olivier Jouny, SVP Renewables at TotalEnergies, stated, “This project marks the second success for our consortium in the Saudi National Renewable Energy Program. TotalEnergies is a close partner of Saudi Arabia, where we are deploying our multi-energy strategy, notably through our participation in major refining and petrochemical assets.”
Acting CEO Adnan Buhuligah of Aljomaih Energy and Water Company highlighted that the Hail region facility will supply clean energy to over 68,400 households, reinforcing AEW’s role in establishing a sustainable Saudi economy.
Recent Key Events
Last week, the company agreed to sell its sustainable consultancy and solutions subsidiary, GreenFlex. This move aligns with TotalEnergies’ strategy to concentrate its efforts on energy production and supply.
Also, TotalEnergies recently stated that it expects third-quarter 2025 oil and gas production to be 2.5 Mboe/d, up 4% year over year (Y/Y) and above its annual and quarterly growth targets of more than 3%.
TotalEnergies plans to release its third-quarter 2025 results on October 30.
Investors can gain exposure to the stock via Federated Hermes ETF Trust Federated Hermes Enhanced Income ETF (BATS:PAYR) and First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX).
Price Action: TTE shares were trading lower by 0.45% to $62.09 premarket at last check Tuesday.
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Photo by Vytautas Kielaitis via Shutterstock
