TotalEnergies Plans Stake Sales in US, Spain Renewables
(Bloomberg) -- TotalEnergies SE is looking to sell a 50% interest in a large portfolio of renewable assets in the US and is considering a similar stake sale for a smaller group of solar farms in Spain, according to people familiar with the matter.
The size of the US assets up for sale may be a little smaller than than the 2 gigawatts of solar and battery storage systems the French energy giant sold to funds managed by Apollo Global Management Inc. for $800 million last December, one of the people said, asking not to be identified discussing confidential information.
At the end of the first quarter, Total had 2.5 gigawatts of net installed solar capacity in North America, as well as about 800 megawatts of onshore wind, according to the company’s most recent financial report.
TotalEnergies is also preparing to divest a 50% stake in almost 300 megawatts of recently built Spanish solar farms, the person said. The company could also opt to wait and build more photovoltaic facilities in Spain if investors are more interested in a larger package of assets, the person said.
A representative for TotalEnergies declined to comment.
The planned sales are part of the oil major’s strategy of selling 50% stakes in renewable projects once they are built to boost returns on its green investments. While its UK energy peers Shell Plc and BP Plc have pared clean energy ambitions amid disappointing returns, TotalEnergies is pressing ahead with its diversification strategy in which electricity represents 20% of its energy sales by 2030.
The company has progressed in farming down renewable assets in Portugal, and will press ahead with similar deals in the US and elsewhere, Chief Executive Officer Patrick Pouyanne said on an analysts’ call in April, without providing details.
Total agreed to sell a 50% stake in its Polish biogas production business last month and divested half its interest in a large UK offshore wind farm last year. At the same time, it has continued to buy solar, wind and battery projects under development in the UK, Canada, Germany and elsewhere.
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