TotalEnergies Sells Half of Greek Renewables Portfolio for €508 Million

Core Insights - TotalEnergies has sold a 50% interest in a 424-megawatt portfolio of wind and solar assets in Greece for €508 million, valuing the portfolio at approximately €1.2 million per megawatt installed [1][2] - The company will retain the remaining 50% stake and continue to operate the assets, maintaining commercial exposure to power prices while recycling capital [2][5] - This transaction aligns with TotalEnergies' strategy of divesting minority stakes in operating assets to crystallize value and fund further growth [2][4] Company Strategy - TotalEnergies' integrated power business model combines renewable generation with flexible assets, aiming to deliver "clean firm power" that meets demand despite intermittent renewable output [3] - The company has opted to sell down up to 50% stakes in renewable portfolios while remaining the operator, allowing it to maintain scale and improve returns on invested capital [4][7] - This approach has become a defining feature of TotalEnergies' renewables expansion across Europe and other core markets [4] Market Context - Greece is identified as a strategic growth market for renewables, supported by strong solar and wind resources, favorable policy frameworks, and increasing power demand [5] - As regulated tariffs expire, the ability to market power and retain merchant exposure is becoming crucial for project economics [5] - The acquisition by Asterion Industrial Partners enhances its exposure to European energy infrastructure, focusing on operational renewable assets that provide stable, long-term cash flows [6] Industry Trends - The transaction highlights how major oil and gas companies are reshaping their renewables portfolios to balance growth with financial discipline [7] - By monetizing part of its Greek portfolio while retaining operational roles, TotalEnergies positions itself as both a renewable power producer and an integrated electricity market player [7]