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TotalEnergies SE (NYSE:TTE) is reportedly considering selling a 50% stake in a portfolio of renewable projects across Europe and the U.S.
The French energy company is in talks with advisors to explore the possibility of selling a share in wind and solar power assets spanning the U.S., Spain, Portugal, France, and Greece, Reuters reported.
One source indicated to Reuters that the entire portfolio is valued at approximately $2.5 billion.
The strategy is anticipated to result in a sequence of transactions, potentially involving multiple buyers, according to an insider, the report read.
On January 31, the company inked a deal with OMV AG (OTC:OMVKY) to acquire its 50% stake in Malaysian independent gas producer and operator SapuraOMV Upstream Sdn for $903 million.
The acquisition price includes the transfer of a $350 million loan granted by OMV to SapuraOMV, subject to customary closing adjustments.
Last week, the company and its partner Corio Generation disclosed winning a 20-year contract from the State of New Jersey to supply 1.34 GW of renewable electricity to the state.
Read Next: Plug Power Shares Up Nearly 4% – What’s Going On?
Price Action: TTE shares are trading lower by 1.23% to $64.65 on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by karsten-wurth for Unsplash
