by Andres Gonzalez and Isla Binnie
LONDON/NEW YORK (Reuters) – TotalEnergies is exploring the possibility of selling a 50% stake in a portfolio of renewable energy projects in Europe and the United States, according to two people familiar with the matter.
The French energy group is seeking advisers for the sale of a stake in wind and solar assets in the United States, Spain, Portugal, France and Greece, these sources said.
One of the sources said the portfolio was worth about $2.5 billion in total. The plan is expected to result in several deals, which could be completed with multiple buyers, one of the people said.
TotalEnergies declined to comment.
The renewable energy sector has been impacted by rising raw material and capital costs.
Other energy suppliers and oil companies, such as Enel, Repsol and Iberdrola, have also sold stakes in wind and solar farms to finance new projects.
In December, TotalEnergies sold a 22.5% stake in an offshore wind farm to Thai company PTT Exploration and Production (PTTEP) for 522 million pounds (611.44 million euros).
The French group has significantly greater low-carbon energy production capacity than its rivals.
TotalEnergies took full control of renewable energy company Eren last year, valued at 3.8 billion euros.
(Reporting Andres Gonzalez and Isla Binnie, with contributions from Benjamin Malet, French version Dagmarah Mackos, editing by Kate Entringer)
©2024 Thomson Reuters, all rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. “Reuters” and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.