TotalEnergies (NYSE:TTE) stock rose Wednesday after the energy major agreed to sell a 50% stake in its 424-megawatt wind and solar portfolio in Greece to Asterion Industrial Partners for 508 million euros (around $595 million).
The transaction values the assets at roughly 1.2 million euros (about $1.4 million) per megawatt.
TotalEnergies retains the remaining 50% and continues to operate the assets, while also handling the offtake and marketing of most electricity once regulated tariffs expire.
Also Read: Google Taps TotalEnergies For Clean Power To Run Malaysia Data Centers
Notably, TotalEnergies is developing a diverse energy portfolio combining renewables with flexible assets like CCGT and storage to provide clean, reliable power.
To optimize profitability and manage risk, the company divests up to 50% of its renewable assets, maximizing portfolio value.
Recent Events
This month, TotalEnergies EP Nigeria has agreed to sell a 40% interest in the PPL 2000 and PPL 2001 exploration licenses to Star Deep Water Petroleum Limited.
In November, TotalEnergies disclosed that it will acquire a 50% stake in the flexible power generation portfolio from Energetický a průmyslový holding, a.s. (EPH) at an enterprise value of 10.6 billion euros ($12.3 billion).
The acquisition spans a portfolio of over 14 GW of flexible generation capacity, gas-fired plants, biomass facilities, and batteries, either in operation or under construction.
TTE Price Action: TotalEnergies shares were up 1.90% at $65.06 during premarket trading on Wednesday, according to Benzinga Pro data.
Read Next:
Photo by Vytautas Kielaitis via Shutterstock
Recent Comments