French energy giant TotalEnergies announced it would be selling off a 50% stake in its Renewable Energie Sources (RES) portfolio in various geographic regions across the world, including Greece.
As revealed by TotalEnergies CEO, Patrick Pouyanne, during a conference call with analysts, and press reports, the French-based company is seeking partners in the renewable energy sectors where it has developed and operates projects in the United States, Spain, Portugal, France, and Greece.
Their aim is to maximize the returns provided by specific renewable energy projects. This portfolio, as reported by foreign media, is valued at approximately $2.5 billion.
During the conference call with analysts regarding the financial results, Pouyanne stated that TotalEnergies will seek partners in the renewable energy sector, although it is not a central strategy of the group. He explained that this approach allows for better risk management of their investment because, as he noted local partners understood the peculiarities of their markets better, making specific reference to Greece, saying that it’s different when you divest 50% of your assets in Texas compared to Greece.
TotalEnergies holds a significant renewable energy portfolio in Greece, ranking fifth in the wind power sector, with an installed capacity of 250 MW. Including photovoltaic projects, the total operational and under-construction renewable energy projects reach 420 MW. It is estimated that this portfolio could attract international funds interested in establishing a presence in the Greek market. They would be willing to accept returns between 8% and 10%.
TotalEnergies was actively present in Greece in the field of hydrocarbon exploration and exploitation. Until April 2022, it held a majority stake in the joint venture with ExxonMobil and HELLENiQ ENERGY in the two offshore blocks “West” and “Southwest of Crete”.
The French company decided to withdraw by selling its rights to ExxonMobil, shifting in investment towards clean energy.
The multinational, which is active in more than 130 countries, is celebrating its 100th anniversary in 2024 and is one of the largest operating energy groups with a fully integrated and diversified range of activities, including hydrocarbon exploration, production and renewable energy sources, hydrogen, and LNG.
