TotalEnergies sells 50% stake in Portugal renewables portfolio

TotalEnergies, a France-based integrated energy company, has sold a 50% stake in its 604MW renewables portfolio in Portugal. The €178.5 million (~ $210 million) stake was acquired by MM Capital Partners 2, Daiwa Energy & Infrastructure, and Mizuho Leasing. TotalEnergies stated that the transaction values the entire portfolio at a total enterprise value (EV) of €550 million (~ $649 million). The portfolio comprises operational wind, solar, and hydroelectric assets with an average age of 16 years. TotalEnergiesretained a 50% stake and will remain in charge of operating the assets and handling electricity sales once regulated tariffs lapse. TotalEnergies confirmed that the transaction follows its renewables business model, aimed at optimizing capital and improving profitability through joint ownership. Recently, TotalEnergies also diversified its renewables portfolio by adding 435MW of UK solar and battery projects.