TotalEnergies has sold a 50% interest in a 604MW portfolio of wind, solar, and hydroelectric assets in Portugal to a Japanese consortium for €178.5m.
The consortium includes MM Capital Partners 2 Co., Ltd., Daiwa Energy & Infrastructure Co. Ltd., and Mizuho Leasing Co., Ltd. The deal values the entire portfolio at €550m.
TotalEnergies will retain the remaining 50% stake and continue to operate the projects.
The portfolio has an average asset age of 16 years. Once their regulated tariffs expire, TotalEnergies will purchase the electricity produced and handle its commercialisation.
“We are delighted with this partnership in Portugal, a country where TotalEnergies intends to continue its development in renewables,” said Olivier Jouny, director of renewables at TotalEnergies.
“In line with our strategy, this transaction allows us to optimise our capital allocation in our integrated electricity activities and contributes to improving the profitability of the sector.”
TotalEnergies reported 28GW of gross renewable electricity production capacity at the end of March 2025 and is targeting 35GW by the end of the year, with ambitions to deliver over 100TWh of net electricity production by 2030.