TotalEnergies sells part of French renewables portfolio

TotalEnergies SE on Tuesday said it has sold 50% of a French wind and solar portfolio to funds managed by Eiffel Investment Group.

Eiffel Investment is a Paris-based alternative investor and asset manager.

According to Courbevoie, France-based TotalEnergies, the deal values its portfolio at EUR265 million.

The energy company said it retains 50% of the assets, which have the capacity to generate 270 megawatts of wind and solar power. It will continue to act as operator, offtaking and marketing most of the energy production.

The partial disposal is for TotalEnergies to meet profit guidelines for its renewable energy business.

"To achieve the 12% profitability target for its Integrated Power business, TotalEnergies divests up to 50% of its renewable assets once they reach commercial operation date...and are derisked," the firm noted.