TotalEnergies has completed the sale of a 50% stake in its 604 MW portfolio of wind, solar, and hydroelectric assets in Portugal. The stake was sold to a consortium made up of MM Capital Partners 2 Co., Ltd, Daiwa Energy & Infrastructure Co. Ltd, and Mizuho Leasing Co., Ltd for a total consideration of €178.5 million. This reflects an overall enterprise value of €550 million for the entire portfolio.
Following the transaction, TotalEnergies will retain the remaining 50% ownership and will continue to operate the assets. The portfolio includes mature renewable projects with an average age of 16 years. These projects currently benefit from regulated tariffs, and once those expire, TotalEnergies will take over the purchase and commercialization of the electricity generated.
Olivier Jouny, SVP Renewables at TotalEnergies, stated, “We are pleased with this partnership in Portugal, a country where TotalEnergies intends to continue its development in renewables. In line with our strategy, this transaction allows us to optimize our capital allocation in our integrated electricity activities and contribute to improving the sector’s profitability.”
This sale aligns with TotalEnergies’ renewables business strategy, which involves sharing ownership of mature assets while continuing to manage and commercialize them. It also enables the company to optimize capital allocation while maintaining operational control and long-term energy sales agreements.
