The Managing Director of TotalEnergies Renewable, Adewale Fayemi has disclosed that the company is committing about $4Billion yearly to renewable energy.
Fayemi disclosed this on Tuesday while speaking during a panel session titled: Navigating Nigeria’s Pathway To Achieving Energy Security Sustainably On The Journey To Net Zero”, at the Nigeria Oil and Gas (NOG) 2024 Energy Week in Abuja, Nigeria.
He said: “Historically, we are a hydrocarbon company, but we have committed a significant amount of resources, $4Billion yearly into renewables. We are going to do $60 Billion in renewable energy by 2030”.
The MD who was represented by the General Manager, Renewable Explorer, TotalEnergies, Mr. Omotayo Hassan said, Nigeria could develop renewables side-by-side with gas production to industrialise the country, adding that the company is planning to invest significant amount of capital in renewable energy’s space to increase the nation’s generation capacities.
“We can develop renewables without stopping our gas production and industrializing our country. Can say here that we at TotalEnergies are going to invest a significant amount of capital into the renewable energy space.
“I am talking about significant large-scale projects that will help us develop and increase our generation capacities in this country.
“As we develop our gas infrastructure, we can build 50MW of renewable energy or even bigger”, Fayemi said.
He, therefore, urged the Federal Government to come up with a strong commercial framework that would allow the investors to recoup their investments.
“We need to come up with a strong commercial framework that gives investors comfort that allows them to recoup their capital.
“We need to also look back and get real about what we need to do to properly integrate renewable energy power into our energy mix”, the MD said.
He argued that renewable energy is cheaper because while the band A customers are paying N206 per kwh, TotalEnergies is offering less than N150 with renewable energy.
TotalEnergies is aggressively diversifying to become one of the World’s top five in renewables, with the target to supply about 10 million customers and sell 130TWh by year 2030.
The company is also targeting 150,000 recharging points for electric vehicles, amongst others.
