TotalEnergies Buys Three Gas-Fueled Power Plants in Texas for $635M

French utility company TotalEnergies SE is expanding its power-generation capacity in the US with the acquisition of three natural gas-fueled power plants in Texas from TexGen for $635 million.

The plants, which are linked to ERCOT (Electric Reliability Council of Texas), the second largest power market in the United States, have a total power capacity of 1.5GW in the state, which has a robust renewable energy network but is prone to outages.

The Wolf Hollow I plant near Dallas has a 745MW combined-cycle gas turbine plant, the Colorado Bend I plant near Houston has a 530MW CCGT and a 74MW open-cycle gas turbine, and the La Porte site has a 150MW OCGT.

The 1.5GW additional capacity will complement its renewable capacity in Texas – currently 2GW gross installed, 2GW under construction and more than 3GW under development, noted TotalEnergies.

“This acquisition will contribute positively to our profitability target of 12% ROACE by 2028 for our Integrated Power business segment,” said Stephane Michel, President Gas Renewables & Power at Paris-based TotalEnergies.

TotalEnergies is a global multi-energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity.

The company is aiming to reach 100GW of renewable power capacity globally by 2030, up from 20.2GW at the end of the third quarter, according to Bloomberg.