By Ejekwu Chidiebere
- TotalEnergies remains operator of the assets
- The portfolio consists of wind, solar and hydroelectric assets in operation
In line with its renewables business model, TotalEnergies announced that it has completed 50% sale of its 604 MW wind, solar and hydro portfolio in Portugal to a Consortium made up of MM Capital Partners 2 Co. Limited, Daiwa Energy & Infrastructure Co. Limited, and Mizuho Leasing Co. Limited for a consideration of 178,5 million euros, equivalent to an enterprise value of €550 million.
TotalEnergies will retain, following this transaction, a 50% stake while continuing to operate the assets. Adding that as soon as the regulated tariffs they benefitted from expire, it will purchase the production of these assets which it also told Energy Window International (Media) in an email have an average age of 16 years, and will handle their commercialization.
Olivier Jouny, SVP Renewables at TotalEnergies said: “We are pleased with this partnership in Portugal, a country where it 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”.
On electricity the company says its aim is to build a competitive portfolio that combines renewables (solar, onshore wind, offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. Adding that as of the end of March 2025, it achieved 28 GW of installed gross renewable electricity generation capacity and now aims to reach 35 GW by the end of 2025, and more than 100 TWh of net electricity production by 2030.