TotalEnergies has sold a 50% interest in a 604-megawatt portfolio of renewable energy assets in Portugal to a Japanese consortium for €178.5 million, the French energy group said on Wednesday.
The transaction, which values the full portfolio at approximately €550 million, involves MM Capital Partners 2 Co., Ltd., Daiwa Energy & Infrastructure Co. Ltd., and Mizuho Leasing Co., Ltd. as buyers. TotalEnergies will retain the remaining 50% stake and continue operating the wind, solar and hydroelectric assets.
The assets have an average operational age of 16 years. According to TotalEnergies, once the current regulated tariffs expire, the company will purchase the electricity produced and manage 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.”
The sale forms part of the company’s broader strategy to grow its presence in the renewable energy sector while maintaining capital efficiency. TotalEnergies reported 28 gigawatts of gross renewable electricity production capacity at the end of March 2025 and is targeting 35GW by year-end. It aims to produce over 100 terawatt-hours of net electricity annually by 2030.
The deal adds to a trend of European energy companies forming joint ventures with international investors to accelerate the expansion of renewable energy while managing capital expenditure.
