This week, investment firm Mercom Capital Group released an update to its ranking of the world's largest solar developers. TotalEnergies tops the list.
In the news: the updated ranking of solar developers.
According to data collected through June 2023, the total capacity of TotalEnergies' photovoltaic projects exceeds the combined capacity of its two closest competitors.
The bottom line: TotalEnergies and the others.
TotalEnergies, with a photovoltaic capacity of 41.3 GW, stands far above the rest.
Behind the French giant is the world's second-largest solar developer, the Indian company Adani Green Energy, with 18.1 GW.
The company is part of the sprawling empire of one of the wealthiest men in Asia: Gautam Adani. He amassed his considerable wealth primarily through the management of port facilities and interests in the coal industry.
Brookfield Renewable Partners takes third place with a capacity of 18 GW.
That is a subsidiary of the asset management company Brookfield Assets Management, founded in 1899, which is also very active in the real estate sector.
Two notes:
These figures include both completed projects and those currently under construction, as well as those for which the companies won the contract.
The report only considers developers operating in at least two countries. This notably excludes Chinese players operating only in China. Indeed, more than a third of the world's installed photovoltaic capacity is located there.
Solar energy: TotalEnergies drags in massive contracts
The details: this seems to be of a permanent nature.
Taking into account only currently operational solar farms, TotalEnergies remains by far the leader.
The oil giant currently has a capacity of 12 GW. Followed closely by Italian company Enel Green Power with 9.2 GW and Adani with 7 GW.
Focusing on projects currently under construction, the trend changes. TotalEnergies is then no longer the leader.
That honor then belongs to Brookfield, which is currently involved in projects with a combined capacity of 13.6 GW. Adani (9.2 GW) and Enel (4.4 GW) follow closely behind. TotalEnergies (3.8 GW) is just outside the top three.
TotalEnergies will nevertheless continue its dominance as the number of contracts won positions the French group in an entirely separate class.
Led by CEO Patrick Pouyanné, the company has reached an impressive capacity of 25.5 GW, far outpacing even its competitors, Lightsource bp (8.3 GW) and Enel (3.6 GW).
Oil and gas remain important
Explained: how has TotalEnergies built its leadership in the photovoltaic sector?
Research firm Mercom notes that TotalEnergies owes much of its dominance to its strategy of participating in local (development) projects.
In particular, the report highlights TotalEnergies' shareholdings, including 50 percent in Clearway Energy Group, 49 percent in Casa dos Ventos (Brazil) and 20 percent in ... Adani Green Energy.
TotalEnergies' success can also be explained by its policy of asset acquisitions and strategic partnerships.
In particular, Mercom points to a recent partnership for a project in Australia (100 MW) and the acquisition of six projects under development in Poland (200 MW).
PV Magazine points out, however, that "green business" still accounts for only a small portion of TotalEnergies' revenues. Of the record profit of 19.5 billion euros achieved in 2022, 16.3 billion was related to oil and gas exploration and production. 10.2 billion came from LNG-related activities (procurement, transportation, transformation). (ddw/cv)
TotalEnergies SE is one of the leading worldwide oil groups. Net sales break down by activity as follows:
- refining and chemistry (42.7%): refining of petroleum products (operated, at the end of 2023, 16 refineries throughout the world) and manufacture of basic chemistry (olefins, aromatics, polyethylene, fertilizer, etc.) and of specialty chemistry (rubber, resins, adhesives, etc.). The group is also operating in trading and sea transport of crude oil and oil products;
- petroleum products distribution (37.9%): at the end of 2023 operated 14,571 service stations worldwide;
- electricity generation (11.5%): from combined cycle gas plants and renewable energies;
- gas production, trading, transport and distribution (5%): primarily liquefied natural gas (44.3 million tonnes sold in 2023), natural gas, biogas, hydrogen, liquefied petroleum gas, etc.;
- hydrocarbon operating and production (2.8%): 2.5 million barrels of oil equivalent produced per day in 2023;
- other (0.1%).
Net sales are distributed geographically as follows: France (23.4%), Europe (41.2%), North America (9.4%), Africa (9.2%) and other (16.8%).
TOTALENERGIES SE 
