TotalEnergies divests its distributed solar generation activities in Europe
TotalEnergies Sells Distributed Solar Assets to Focus on Larger Renewable Projects
Overview of the Divestment
PARIS, July 9 - French oil major TotalEnergies has divested its 170-megawatt portfolio of distributed solar generation assets in Europe, it said on Thursday, as part of its strategy to focus on larger renewable projects which are more profitable.
Details of the Transaction
The assets have been sold to independent producer Amarenco and AMPYR Distributed Energy, which will continue to operate the panels to supply existing customers. TotalEnergies did not disclose the value of the transaction.
TotalEnergies’ Renewable Energy Strategy
Expansion Goals
Total is hoping to build more than 75 gigawatts of renewables worldwide by 2030, up from a current 35 GW.
Focus on Large-Scale Projects
Distributed vs. Gigawatt-Scale Solar
Distributed solar, which is mostly rooftop solar, usually consists of small projects under 3 MW, which the company has said is less suitable for its goals compared to gigawatt-scale farms.
Geographical Scope of the Divested Assets
The divested portfolio assets are across France, Belgium, the Netherlands, Spain, Portugal, Britain and Luxembourg.
Reporting Credits
(Reporting by America Hernandez in Paris; Editing by Jan Harvey)
