- TotalEnergies’ plan to sell renewable assets in Asia highlights its strategy to reduce debt and focus on key growth markets.
- Divesting non-core solar and wind projects could strengthen TotalEnergies’ finances and support expansion in priority regions.
TotalEnergies SE, the French energy giant, is exploring the sale of some of its renewable energy assets in Asia. The move forms part of a broader effort to reduce debt and streamline its global portfolio.
The company is working with a financial adviser to attract interest from potential buyers. Sources familiar with the talks said the assets could be worth several hundred million dollars. These assets comprise a key part of the company’s expanding renewable energy portfolio in Asia.
Discussions are still in the early stages, and the company has not yet made any final decisions. A spokesperson for TotalEnergies declined to comment, saying the review is ongoing.
The company has made it clear that its goal is to expand its power and renewables business in deregulated and fast-growing markets. These include Europe, the United States, and Brazil. It also plans to strengthen its presence in select renewable energy markets, such as India and South Africa. At the same time, it aims to sell non-core solar and wind projects in regions with lower long-term potential.
In India, TotalEnergies owns a 19% stake in Adani Green Energy Ltd. Chief Executive Officer Patrick Pouyanné described the firm as “an outstanding company” during a presentation in September. However, he suggested that TotalEnergies may reduce its stake in the future.
Recent financial results show that the company’s debt dropped last quarter. TotalEnergies expects further reductions by the end of the year as more sales are completed. It has already sold shale assets in Argentina and renewable projects in France. The company also plans to divest up to $2 billion in additional assets this quarter, including operations in the United States, Norway, and Nigeria. Pouyanné confirmed that discussions are ongoing with two buyers over the sale of more Nigerian assets next year.
In Asia, TotalEnergies operates wind farms in Taiwan and South Korea, as well as solar plants in Indonesia and Australia. Its renewable capacity in the region totals around 23 gigawatts, including projects under construction.
Despite recent market pressures, TotalEnergies remains one of the world’s largest integrated energy companies. Its shares have fallen about 20% since April 2024, but are still up 4% year-to-date. With a market value of €122 billion (£104 billion), the company continues to strike a balance between renewable expansion and a disciplined approach to debt reduction and capital management.