BAKU, Azerbaijan, July 2. TotalEnergies has finalized the sale of a 50% stake in its 604 MW portfolio of wind, solar, and hydro assets in Portugal to a Japanese consortium, in a deal valued at 178.5 million euros, Trend reports.
The transaction corresponds to an enterprise value of 550 million euros.
The acquiring consortium includes MM Capital Partners 2 Co., Ltd., Daiwa Energy & Infrastructure Co., Ltd., and Mizuho Leasing Co., Ltd. Despite the sale, TotalEnergies will retain the remaining 50% ownership and continue to operate the portfolio, which consists of assets with an average age of 16 years.
As part of the agreement, TotalEnergies will also purchase the power generated by these assets once their current regulated tariffs expire and will manage their commercialization on the open market.
“This partnership in Portugal aligns with our renewables strategy,” said Olivier Jouny, Senior Vice President Renewables at TotalEnergies. “It allows us to optimize capital allocation in our integrated electricity business while contributing to improved profitability in the sector.”