TotalEnergies sells half of €508 million Greek renewable portfolio

TotalEnergies SE on Wednesday said it sold 50% of its Greek renewable power portfolio to a Spanish investment manager, in a deal valuing the entire asset portfolio at EUR508 million.

This equates to roughly EUR1.2 million per megawatt installed, according to the Paris-based oil and gas and renewables company.

TotalEnergies will have an equal share of the 424 megawatt wind and solar plant portfolio, alongside new joint owner Asterion Industrial Partners SGEIC SA. The Madrid-based investment management firm manages around USD10 billion in assets, with a focus on mid-market European infrastructure, TotalEnergies said.

The oil major remains responsible for offtake and marketing of electricity from the assets, "when they stop benefiting from the regulated tariffs", it added.

Selling the renewable asset interest allows TotalEnergies "to achieve its profitability objectives and share risks", the company said, maintaining that this aligns with its "integrated power business model".