TotalEnergies has sold a 50% stake in its wind, solar and hydro portfolio in Portugal for €178.5m and has also acquired 50% of a renewable portfolio in the Dominican Republic from AES in a separate deal.

The energy company said it sold the stake in the 604MW renewables portfolio in Portugal 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.

TotalEnergies will retain a 50% stake and continue to operate the assets. Upon the expiration of regulated tariffs, TotalEnergies will also acquire and commercialise the production from the assets, which have an average age of 16 years, it added.

Olivier Jouny, SVP renewables at TotalEnergies, said: “We are pleased with this partnership in Portugal, a country where TotalEnergies intends to continue its development in renewables. In line with our strategy, this transaction allows us to optimise our capital allocation in our integrated electricity activities and contribute to improving the sector’s profitability.”

The deal in the Dominican Republic involves the acquisition of a 50% stake in the solar, wind and battery energy storage systems portfolio of AES Dominicana Renewables Energy. This deal follows TotalEnergies’ 2024 acquisition of a 30% share in AES solar and battery assets currently under construction in Puerto Rico.

Stéphane Michel, president of gas, renewables and power at TotalEnergies, said: “We are pleased to expand our multi-energy strategy through this partnership with AES, focusing on renewables and battery storage in a region where TotalEnergies is already a leading supplier of LNG, notably for power generation.

“Since 2018, we have been supplying LNG to AES’s subsidiaries in Panama and the Dominican Republic. These new transactions will contribute to our targets of 35GW of gross renewable capacity by 2025 and over 100TWh of electricity production by 2030.”

Juan Ignacio Rubiolo, AES EVP and president, energy infrastructure and leader of international markets, said: “We are excited to join forces with TotalEnergies as we diversify the island’s energy mix. The proceeds from this transaction will be reinvested in AES Dominicana, to grow our renewables footprint.”

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