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The logo of French oil and gas company Total Energy is seen on the company’s headquarters skyscraper in the financial and business district of La Defense, near Paris, France, on September 14, 2023. [Gonzalo Fuentes/Reuters]
France’s TotalEnergies is considering selling a 50% stake in its portfolio of renewable projects in Europe and the United States, including Greece. According to two people familiar with the matter.
The French energy group is approaching advisers to sell stakes in its wind and solar assets in the United States, Spain, Portugal, France and Greece, people familiar with the matter said.
The portfolio is worth about $2.5 billion, one of the people said. The plan could result in a series of deals with multiple buyers, one of the people said.
Total Energies declined to comment.
Globally, the renewable energy sector is being disrupted by rising raw material costs and rising capital costs. Similarly, other power and oil companies such as Enel, Repsol and Iberdrola are selling stakes in wind and solar farms to help finance new projects.
In December, Total Energy sold a 22.5% stake in an offshore wind farm to Thailand’s PTT Exploration and Production for $660.54 million.
The French company has significantly higher low-carbon energy generation capacity than its competitors.
Last year, Total Energy took full control of renewable energy company Eren for 3.8 billion euros, including debt. [Reuters]
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