TotalEnergies is exploring the sale of several renewable energy assets in Asia as part of efforts to reduce its debt burden, Bloomberg reported, citing people with knowledge of the matter.
According to the report, the French oil and gas company has engaged an adviser and is gauging interest from potential buyers.
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The assets under consideration could be worth several hundred million dollars.
TotalEnergies reduced its debt last quarter and expects further declines by the end of the year with the completion of planned disposals.
Its recent divestments include shale holdings in Argentina and wind and solar assets in France.
The company expects to finalise approximately $2bn of additional divestments this quarter across markets such as the US, Norway, and Nigeria.
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By GlobalDataIt is in talks with two potential buyers for further Nigerian asset sales next year, Bloomberg reported, citing CEO Patrick Pouyanné.
The company says it plans to prioritise growth in targeted power markets while selling noncore renewable assets elsewhere.
Additionally, the company intends to expand its power business in deregulated markets such as Europe, the US, and Brazil.
It aims to increase activity in selected renewable markets, including India and South Africa, indicating a reduction of a 19% stake in India’s Adani Green Energy.
During an investor presentation this September, Pouyanné described Adani Green as “a very good company”.
TotalEnergies’ Asian renewable portfolio comprises projects across several countries, including wind farms in Taiwan and South Korea and solar plants in Indonesia and Australia.
TotalEnergies reports roughly 23W of renewables in the region, including projects under development and construction, according to its website.
In a separate development, TotalEnergies has signed a 15-year power purchase agreement with Google to supply 1.5TWh of certified renewable electricity from its Montpelier solar farm in Ohio, US.
The solar facility, which is nearing completion, is connected to the PJM grid system, and is expected to support Google’s data centre operations in the state.
