By America Hernandez (Reuters) -French oil major TotalEnergies on Tuesday said that it is selling a 50% stake in a 270 megawatt portfolio of French wind and solar assets to investment fund manager
TotalEnergies Divests 50% Stake in French Renewable Energy Assets
By America Hernandez
(Reuters) -French oil major TotalEnergies on Tuesday said that it is selling a 50% stake in a 270 megawatt portfolio of French wind and solar assets to investment fund manager Eiffel Investment Group.
The transaction values the entire portfolio at 265 million euros ($311.22 million), according to the statement, meaning Total will be paid half that amount for the stake.
TotalEnergies aims to grow its renewable energy portfolio from a current 26 gigawatts to 100 GW by 2030, funding the expansion by building wind and solar projects then selling minority stakes to raise cash. It also hopes to expand its gas business alongside green energy.
On Monday, CEO Patrick Pouyanne said the company had identified Europe, Britain, the United States and Brazil as priority markets for future renewables growth, while it trimmed its capital expenditure budget by $1 billion and announced sales of renewables elsewhere in the world.
Pouyanne said that several renewable asset sales would close before year-end to bring in about $3.5 billion and help offset some $3 billion in acquisitions so far this year and reduce debt.
($1 = 0.8515 euros)
(Reporting by Mateusz Rabiega and America HernandezEditing by Tomasz Janowski)
