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TotalEnergies sells 50% of a 424 MW portfolio of projects in Greece

TotalEnergies has sold 50% of a portfolio of wind and solar projects in Greece to Asterion Industrial Partners, valued at €508mn ($554mn), while retaining operational control and the main share of electricity marketing.

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TotalEnergies has completed the sale of 50% of a portfolio of renewable energy projects with a total capacity of 424 megawatts (MW) located in Greece to Asterion Industrial Partners. The transaction values the entire portfolio at €508mn ($554mn), or approximately €1.2mn ($1.31mn) per installed MW. The French oil and gas company retains the remaining 50% stake and the operational management of the assets involved.

The projects included in the transaction combine solar and onshore wind installations, aligning with TotalEnergies’ strategy of integrating low-carbon electricity production. Once removed from public tariff support schemes, the majority of the electricity generated by these projects will be purchased and marketed by TotalEnergies on the open markets.

A business model based on risk sharing

This sale is part of TotalEnergies’ investment strategy in renewables. The company retains operational control of the assets while sharing financial risk with third-party partners. By divesting up to 50% of its interests in mature projects, TotalEnergies aims to optimise the profitability of its portfolio without increasing its capital exposure.

The portfolio transferred to Asterion Industrial Partners includes a combination of operating and developing assets. This approach allows TotalEnergies to capitalise on value creation from the early stages of the project lifecycle while securing a central position in their operations.

Regional deployment and asset rotation strategy

Greece is one of the markets targeted by TotalEnergies for growth in the renewable energy sector, due to its favourable natural conditions and evolving regulatory framework. This transaction reflects a broader trend of asset rotation observed in the renewable portfolios of major European energy companies.

The agreement reached with Asterion Industrial Partners also strengthens the investment firm’s position in the European energy sector. Spain, Portugal and now Greece are among Asterion’s strategic focus areas, with a long-term infrastructure asset ownership strategy.

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