TotalEnergies Is Said to Mull Options for Asian Renewable Assets
(Bloomberg) -- TotalEnergies SE is considering selling some renewable energy assets in Asia to help to reduce debt, people familiar with the matter said.
The French group is working with an adviser and sounding out interest from potential buyers, according to the people, who asked not to be identified because the deliberations are private. The assets for sale could be valued at several hundred million dollars, they said.
Considerations are ongoing and may not lead to sales, the people said.
A representative for TotalEnergies declined to comment.
The company has said it plans to expand its power business in key deregulated markets such as Europe, the US, and Brazil, as well as in oil and gas countries where it operates. It also wants to grow in select renewable markets such as India and South Africa, while selling non-core solar and wind assets elsewhere.
TotalEnergies has said before that it might reduce its 19% stake in India’s Adani Green Energy Ltd., which Chief Executive Officer Patrick Pouyanne described as “a very good company” during a presentation to investors in September.
TotalEnergies’ debt dropped last quarter and it expects it will fall further by year-end as more disposals are completed. Recent sales include shale assets in Argentina and wind and solar assets in France. The company expects to complete a further $2 billion of divestments this quarter, including in the US, Norway and Nigeria. It is also in talks with two potential buyers to sell more Nigerian assets next year, according to Pouyanne.
The energy company’s projects in Asia include wind farms in Taiwan and South Korea as well as solar plants in Indonesia and Australia. The renewable energy portfolio in Asia amounts to about 23 gigawatts, including projects under development and construction, according to its website.
TotalEnergies shares have fallen about 20% from an April 2024 peak but they’re up 4% this year. The company has a market value of €122 billion ($141 billion).
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