Paris-based TotalEnergies agreed to divest of 50% of its 424 MW wind and solar portfolio in Greece. The sale to investment management firm Asterion Industrial Partners, part of a global savings strategy, values the assets at EUR 508 million.

Multinational energy giant TotalEnergies is proceeding with a plan from last year to raise cash through renewables divestment. The company said it closed the sale of 50% of its 424 MW renewables portfolio in Greece to Asterion Industrial Partners, headquartered in Spain.

The world’s biggest fossil fuel producers have been stepping back from a major green energy push, partly pressured by the weakening of oil prices over the past year and a half. In addition, TotalEnergies has doubled its debt in the first half of this year, to USD 26 billion, after several large acquisitions.

It prompted the launch of a savings strategy involving capital and operational expenditure and share buybacks. TotalEnergies said in September that it was selling 50% of its 1.4 GW photovoltaics portfolio in the United States to KKR for USD 950 million.

The transaction in Greece, which concerns wind and solar power assets, values them at EUR 508 million combined, or EUR 1.2 million per MW.

The French company clarified that it retained a 50% stake and remained the operator of the power plants. It said it intends to offtake and market most of the electricity when their regulated tariffs expire.

“TotalEnergies is building a competitive portfolio that combines renewables (solar, onshore wind, offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. To achieve its profitability objectives and share risks, TotalEnergies divests up to 50% of its interests in renewable assets, enabling the company to maximize the value of its portfolio,” the announcement reads.

Founded in 2018, Asterion Industrial Partners is an independent investment management firm focused on European infrastructure in the mid-market. With USD 10 billion under management, it invests in essential infrastructure across the energy, digital, utilities and mobility sectors.