TotalEnergies considers selling some Asian renewable energy assets

A spokesperson for TotalEnergies said that the company is considering selling some renewable energy assets located in Asia as a way to reduce its debt.

Bloomberg first reported the news that the assets in question could be worth several hundred millions of dollars. The spokesperson confirmed this.

Patrick Pouyanne, CEO of TotalEnergies, said at a presentation to investors earlier this year that the company was focusing its strategy on key markets such as Europe, U.S.A. and Brazil, while streamlining our efforts in renewables beyond these three markets.

The company also has a strategy to promote renewable energy in countries where they have large investments in oil and gas, such as its $27 billion multi-energy Iraq project. Last month, it won a license for the development, construction and operation of a 400 Megawatts (MW), solar power plant in Saudi Arabia.

TotalEnergies is a company that can thrive in the changing energy market, because it provides both oil and gas and renewable energy. Pouyanne made this statement at Saudi Arabia’s annual Future Investment Initiative Summit.

Adani Green Energy Limited and its joint ventures, which are owned by the Indian conglomerate Adani as well as the French oil giant, account for about 25% of its operational renewables portfolio. Reporting by Ananya Palayekar, Abu Sultan and Rhea Rose Ibrahim in Bengaluru, and Kanjyik in Barcelona. Editing by Mrigank and Leroy Leo.

(source: Reuters)