TotalEnergies has sold half of a €265m wind and solar portfolio in France to Eiffel Investment.
The global energy company said it has sold part of the 270MW portfolio, but will retain the remaining 50% interest and continue to operate the assets, off-taking and marketing most of the production.
The disposal is in line with the firm’s plan to reach a 12% profitability target for its integrated power business. TotalEnergies sells up to 50% of its renewable assets once they achieve commercial operation and are derisked, a strategy designed to maximise asset value and manage risk, the company said.
Earlier this week, KKR acquired a 50% stake in a 1.4GW North American solar portfolio from TotalEnergies, valuing the portfolio at an enterprise value of $1.25bn (€1.1bn).
In July, TotalEnergies also sold a 50% stake in its wind, solar and hydro portfolio in Portugal for €178.5m to a consortium comprising MM Capital Partners 2, Daiwa Energy & Infrastructure and Mizuho Leasing in a deal that gives the portfolio at an enterprise value of €550m.
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