Total Wins Solar Power Projects in France; Shares Advance
French energy company Total SA (TOT) said it won several solar power generation projects with an aggregated capacity of 131 megawatt in a government tender in France.
The solar energy projects, which constitute 20% of the total in the tender were awarded by the French Energy Regulatory Commission CRE 4. Total said that the awarded projects will be run by Quadran, its wholly-owned subsidiary, which develops and produces renewable energy in France.
Total shares advanced 3.7% to $33.72 in U.S. trading on Wednesday.
“Total Quadran is proud to rank among France’s renewable energy leaders. The results of this call for tenders illustrate our ability to put together solid, competitive bids in an increasingly competitive environment,” said Thierry Muller, General Manager of Total Quadran. “Total’s program to solarize industrial facilities by enhancing brownfield sites is a key factor in this success which we intend to carry on.”
The largest among the projects awarded in the call for tenders is the 50 MWp ground-mounted solar plant in Valenciennes, which will be Total Quadran’s biggest solar plant to date. It will be installed on Total’s former refinery site that has been redeveloped. The solar plant will supply green electricity to nearly 32,000 people when it is completed in 2022.
The 25 MWp solar plant project will be constructed near its Grandpuits refinery in the greater Paris region. It will generate enough renewable electricity to cover the needs of nearly 17,000 people. The photovoltaic power plant is scheduled to be ready by 2022.
Wall Street analysts have a Strong Buy consensus rating on the stock based on 7 Buys and 1 Hold. The $42.74 average price target represents potential upside of almost 27% in the next 12 months. (See Total’s stock analysis on TipRanks).
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