TotalEnergies, a French oil and gas major, announced the results for the second quarter (Q2) of 2021 and the first half (1 H) of 2021. The company’s consolidated net income stood at $2.29 billion for Q2 2021, increasing by 127% compared to a loss of $8.42 billion during Q2 2020. For 1H 2021, the consolidated net income rose 167% with $5.71 billion, compared to a loss of $8.42 billion during the same period the previous year.

The company’s consolidated net income stood at $2.29 billion for Q2 2021, increasing by 127% compared to a loss of $8.42 billion during Q2 2020. For 1H 2021, the consolidated net income rose 167% with $5.71 billion, compared to a loss of $8.42 billion during the same period the previous year.

The company’s adjusted net operating income for the integrated gas and renewables & power segment increased 173%, with $891 million in Q2 2021, compared to $326 million during the same period last year.

The company stated that the gross installed renewable electricity generation capacity grew to 8.3 GW at the end of Q2, 2021.

TotalEnergies’ share of the earnings before interest, taxes, depreciation, and amortization (EBITDA) of renewables and electricity activities was $291 million in Q2 2021, more than tripling over year, driven by growing electricity production, particularly renewable electricity, and the number of gas and electricity customers.

The company acquired nearly $662 million of assets in Q2 2021. It included a 23% stake in a 640 MW offshore wind project in Taiwan. The company also entered into a partnership with Amazon to supply 474 W of renewable electricity to its data centers in Europe and the United States. The company also entered into a sales contract for 50 GWh per year with Air Liquide in Belgium.

The adjusted EBITDA for Q2 2021 stood at $8.67 billion, increasing by 122% compared to $3.91 billion in Q2 2020. The adjusted EBIDTA for 1H 2021 stood at $16.84 billion, an increase of 59% compared to $10.58 billion during the same period last year.

The net electricity production was 5.1 TWh in Q2, 2021, an increase of 73% year-on-year, notably due to the strong growth in renewable electricity generation and the acquisition of four combined-cycle natural gas turbine (CCGT) projects in France and Spain in the fourth quarter (Q4) of 2020.

To reach the goal of net-zero by 2050, TotalEnergies is building a portfolio of renewables that should account for up to 40% of its sales by 2050. At the end of 2020, TotalEnergies’ gross power generation capacity worldwide was around 12 GW, including 7 GW of renewable energy.

In January this year, Total acquired a 20% minority interest in Adani Green Energy from Adani Group. The two partners agreed to the acquisition of a 20% stake in AGEL for an investment worth $2.5 billion. With this 20% minority interest in Adani Green Energy, Total will also have a position on the board of directors of Adani Green Energy.

Earlier, Adani Green Energy had announced that it had added 205 MW of operational solar projects worth ₹16.32 billion (~$222.9 million) to the portfolio of its joint venture with Total.