TotalEnergies Sells 50% Stake in 604 MW Renewable Energy Portfolio in Portugal
TotalEnergies has sold a 50% interest in its 604 MW portfolio of wind, solar and hydro assets in Portugal to a Japanese consortium for €178.5 million, representing an enterprise value of €550 million.
The consortium includes MM Capital Partners 2, Daiwa Energy & Infrastructure and Mizuho Leasing. Total Energy will retain the remaining 50% stake and will continue to operate the projects. The company will acquire the electricity generated by the assets, which have an average age of 16 years, and manage their commercialization after the expiration of the current regulated electricity tariff.
Portugal's latest national energy plan sets a target of 51% renewable energy in final energy consumption by 2030 and 80% renewable energy in electricity generation by 2026. The national energy plan aims to increase solar and wind capacity to 20.8 GW and 12.6 GW respectively (including 2 GW of offshore wind).
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