TotalEnergies exploring US, Europe renewable portfolio stake sale – sources

By Andres Gonzalez and Isla Binney

LONDON/NEW YORK (Reuters) – France’s TotalEnergies is exploring the sale of a 50% stake in a portfolio of renewable projects in Europe and the United States, according to two people familiar with the matter.

The French energy group is looking for advisers for the sale of stakes in wind and solar power assets in the US, Spain, Portugal, France and Greece, sources said.

One of the sources said the total value of the portfolio is about $2.5 billion. The plan is expected to trigger a series of transactions with potentially multiple buyers, one of the people said.

TotalEnergies declined to comment.

Globally, the renewable energy sector has been hit by rising raw material costs and high cost of capital. Similarly other utilities and oil companies such as Enel, Repsol or Iberdrola have sold stakes in wind and solar farms to help finance new projects.

In December, TotalEnergies sold a 22.5% stake in an offshore wind farm to Thailand’s PTT Exploration and Production (PTTEP) for 522 million pounds ($660.54 million).

The French company has significantly more low-carbon energy production capacity than its rivals.

Last year, TotalEnergies took full control of renewable energy company Eren for 3.8 billion euros ($4.10 billion), including debt.

($1 = 0.7903 pounds)

($1 = 0.9260 euros)

(Reporting by Andres Gonzalez and Isla Binney, additional reporting by Benjamin Mallet, editing by Anousha Sakaoui and Louise Heavens)

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