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PARIS - TotalEnergies (NYSE:TTE), the $139.5 billion energy giant with a "GOOD" financial health rating according to InvestingPro, has completed the sale of a 50% stake in its 604 MW Portuguese renewable energy portfolio to a consortium of Japanese investors for €178.5 million, the company announced Wednesday.
The transaction, which values the entire portfolio at €550 million, involves wind, solar and hydroelectric assets with an average age of 16 years. The buying consortium consists of MM Capital Partners 2, Daiwa Energy & Infrastructure, and Mizuho Leasing.
TotalEnergies will retain the remaining 50% stake and continue to operate the assets. The company will also purchase and commercialize the electricity production once the regulated tariffs expire.
"We are pleased with this partnership in Portugal, a country where TotalEnergies intends to continue its development in renewables," said Olivier Jouny, SVP Renewables at TotalEnergies. "This transaction allows us to optimize our capital allocation in our integrated electricity activities and contribute to improving the sector’s profitability."
The deal aligns with TotalEnergies’ renewable business model of partnering with financial investors while maintaining operational control of assets.
As of March 2025, TotalEnergies reports 28 GW of installed gross renewable electricity generation capacity. The company aims to reach 35 GW by the end of 2025 and more than 100 TWh of net electricity production by 2030.
The information in this article is based on a press release statement from TotalEnergies.
In other recent news, TotalEnergies has been awarded a significant offshore wind concession in the German North Sea, which will allow the development of 1 gigawatt of offshore wind capacity. This project, part of a cluster with existing sites, aims to optimize costs and includes environmental contributions to the German government. Meanwhile, TotalEnergies has expanded its presence in Southeast Asia through a partnership with PETRONAS, acquiring interests in offshore blocks in Malaysia and Indonesia. These blocks contain substantial gas discoveries and are expected to support future gas supply to Malaysia LNG.
Additionally, TotalEnergies has strengthened its U.S. presence by acquiring a 25% stake in Chevron’s offshore blocks, enhancing its exploration portfolio. In labor relations, the company reached a new pay agreement with offshore workers in the UK, resulting in a 2.25% increase in basic pay and a 5% increase in offshore allowance. Analyst firm Bernstein SocGen has upgraded TotalEnergies’ stock rating to outperform, citing its high return on capital and low production costs. The firm believes the company is well-positioned for future growth, with strong production rates expected in the coming years.
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