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]

Group 1 - TotalEnergies and Google have signed a 15-year Power Purchase Agreement (PPA) for 1.5 terawatt-hours of renewable electricity from the Montpelier solar farm in Ohio, supporting Google's data center expansion [1] - The agreement aligns with Google's strategy to add new carbon-free generation to its operating grids, as data centers accounted for nearly 3% of global energy demand in 2024 [2] - TotalEnergies aims to deliver 35 GW of gross renewable capacity by the end of 2025 and exceed 100 TWh of net electricity production by 2030, leveraging a U.S. renewables pipeline of 10 GW [3] Group 2 - The partnership is expected to strengthen Ohio's digital and economic infrastructure, with new renewables playing a crucial role in stabilizing the grid amid rising data consumption [4] - TotalEnergies' growing roster of corporate offtakers includes major companies like Amazon and Microsoft, reflecting a trend of multinational energy users competing for long-duration renewables [5] - The commitment enhances Ohio's position as a data center hub, while TotalEnergies continues to gain traction in the U.S. power sector amidst a shift from traditional upstream players [6]

Core Insights - TotalEnergies has signed a 15-year Power Purchase Agreement (PPA) to supply renewable electricity to Google data centers in Ohio from a local solar farm, marking the second such deal this month [1] - The agreement supports Google's strategy for carbon-free energy and aligns with TotalEnergies' goal to provide tailored energy solutions for data centers, which are projected to account for nearly 3% of global energy demand in 2024 [2] Group 1 - TotalEnergies is leveraging its integrated portfolio of renewable and flexible assets to meet the energy demands of major tech companies, aiming for a 12% profitability target in the power sector [3] - The company is deploying a 10 GW portfolio in the U.S., with 1 GW in the PJM market and 4 GW in the ERCOT market in Texas [3] - Earlier this month, TotalEnergies also signed a 10-year PPA with Data4 to supply renewable electricity to data centers in Spain, indicating a focus on expanding its integrated power business [4] Group 2 - Unlike other European majors like BP and Shell, which have cut spending on renewables, TotalEnergies aims for a 12% profitability target in its Integrated Power business [5] - The company plans to sustain profitable growth in the Integrated Power division by capitalizing on increasing global demand driven by AI, air conditioning, and electrification [5]