Total Explores Selling Stakes in European Green Assets
(Bloomberg) -- TotalEnergies SE is exploring selling a 50% stake in some of its European renewables assets, as the French energy giant seeks a partner for its green investments, people familiar with the matter said.
The company is working with advisers to sell the interest in 1.2 gigawatts of solar and wind farms in France, Germany, Poland and Spain, said the people, who asked not to be identified discussing confidential information. Any deal could fetch several hundred million euros, the people said.
A spokesperson for TotalEnergies declined to comment.
The potential sale is part of the oil major’s strategy of offloading 50% portions in renewable projects once they’re built to boost returns on such investments. While peers Shell Plc and BP Plc have pared back clean energy ambitions amid disappointing returns, TotalEnergies is pressing ahead with its diversification strategy in which power will represent about 20% of its energy output by 2030.
TotalEnergies last year agreed to sell a 50% stake in 1.4 gigawatts of North American solar assets in a deal valuing the portfolio at $1.25 billion including debt. It also sold 50% stakes in smaller portfolios of renewable assets in places including France, Greece and Portugal, and in some European electric car-charging networks.
This year, it agreed to sell a stake in a portfolio of German battery projects, and agreed with Abu Dhabi’s Masdar to pool onshore renewable energy assets in nine Asian countries that aren’t priority markets for the French firm.
TotalEnergies plans to focus the growth of its power business in key markets such as Europe, the US and Brazil, as well as in countries where it produces oil and gas. It also wants to expand in select renewable markets, such as India and South Africa.
The French company bought German renewable project developer VSB Group last year, and completed the acquisition of a stake in European gas-fired power and biomass plants last month.
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