TotalEnergies sells 50% of its North American solar portfolio and invests in U.S. Gas assets

TotalEnergies said it would sell half of its North American solar portfolio for $950 million in a deal announced on Monday. It also stated that it plans to invest in US gas-producing assets, which will help it secure future supplies.

The sale of the stakes is in line with the strategy of the French oil giant to develop renewable energy projects, then sell them to raise cash to invest in its natural gas portfolio.

The company announced that it would receive $950 millions from the sale of its assets to investment firm KKR, as well as a refinancing by a bank.

This is just one of many disposals made by its CEO Patrick Pouyanne

Has said

He expects to bring in 3.5 billion dollars by the end of the year, which will balance out $3 billion worth of acquisitions.

The deal involves six utility-scale assets for solar and 41 assets for distributed generation, mainly in the United States. The company will keep 50% of the enterprise value of the portfolio and sell some of its electricity.

TotalEnergies announced in a separate press release that it had reached a deal to purchase 49% of the gas-producing assets in the Anadarko Basin, located in Oklahoma.

TotalEnergies could achieve a net production of 150 MMscfd by 2030, if the assets reach a gross production of 350 MMscfd.

TotalEnergies will host its Capital Market Day on Monday. (Reporting and editing by Alessandro Parodi, America Hernandez)

(source: Reuters)