TotalEnergies considers major sale of green assets — EnergyWatch

TotalEnergies is considering farming down a number of its green assets. The French oil major is reportedly looking for advisors to help with the divestment of 50% of its wind and solar assets in the US, Spain, Portugal, France and Greece, two unnamed sources tell Reuters, to whom TotalEnergies declines to comment.

It is not specified how much of the capacity is reportedly on its way to partial divestment in each market. However, one source estimates the total value of the portfolio at around USD 2.5bn. One source says the plan is to sell via multiple deals to potentially multiple buyers.

Although oil companies are often highlighted as having virtually bottomless pockets, partial divestments are far from unique. Last February, for example, TotalEnergies completed the sale of half of a 234MW solar and wind portfolio, while half of its stake in the UK’s Seagreen offshore wind farm – 25.5% of the total project – was sold to Thailand’s PTTEP in December.