TotalEnergies sells 50% of a Greek renewables portfolio for 254 million euros

By ‌America Hernandez

PARIS, Dec 17 - French oil major TotalEnergies ‍has ‌agreed to sell 50% of a 424-megawatt portfolio ⁠of wind and solar ‌assets in Greece to Spanish investment firm Asterion Industrial Partners for 254 million euros ($297.36 million), it said on ⁠Wednesday.

The deal values the portfolio at 508 million euros, or ​approximately 1.2 million euros per megawatt installed, ‌it said.

TotalEnergies owns 32 ⁠gigawatts of gross installed renewable capacity worldwide, far ahead of other oil majors - but it ​is heavily reliant on the practice of selling down minority stakes in already-built wind and solar farms to boost returns from the assets, which ​earn ‍fixed government-set tariffs ​for the power they produce in many markets.

The French company will continue to operate the Greek assets and retain its 50% stake. It plans to market and sell most of the electricity once ⁠regulated tariffs expire, according to the statement.

Total faces pressure from investors to accelerate ​divestments and lower its debt levels this year, after a string of acquisitions caused its debt-to-equity ratio to more than double ‌in the first half of 2025.

($1 = 0.8542 euros)

(Reporting by America Hernandez in Paris, Editing by Louise Heavens)