LONDON/NEW YORK — France's TotalEnergies is exploring a sale of a 50% stake of a portfolio of renewable projects in Europe and the US, according to two people familiar with the matter.
The company is sounding out advisers for a sale of a stake in wind and solar power assets across the US, Spain, Portugal, France and Greece, the sources said.
One of the sources also said the portfolio is worth about $2.5 billion in total. The plan is expected to lead to a series of transactions, potentially with several buyers, one of the people said.
TotalEnergies declined to comment.
Globally, the renewable energy sector has been roiled by rising raw material costs and higher costs of capital. Similarly other utilities and oil companies like Enel, Repsol or Iberdrola have sold stakes in wind and solar farms to help finance new projects.
In December 2023, TotalEnergies sold a 22.5% stake in an offshore wind farm to Thailand's PTT Exploration and Production (PTTEP) for 522 million pounds ($660.54 million).
TotalEnergies has a significantly higher low-carbon energy generation capacity than its rivals.
Last year TotalEnergies took full control of renewable energy company Eren for 3.8 billion euros ($4.10 billion) including debt.