Gdańsk/Paris/London — TotalEnergies will raise $950m from the sale of a stake in a US solar portfolio, it said, as the company seeks to soothe investor fears over slow asset sales and rising debt that are likely to be in focus at an Investor Day in New York on Monday.
As other oil majors reduce renewables spending, Total has bucked the trend by continuing to build wind and solar projects, then selling minority stakes to raise cash, which it invests in natural gas assets to grow its portfolio as global demand rises.
Under the solar deal, investment company KKR will take 50% of six utility-scale solar assets and 41 distributed generation assets, mostly in the US. Total will keep the remaining half of the 1.4-gigawatt portfolio, with an enterprise value of $1.25bn.
CEO Patrick Pouyanné has said the sale is one of several meant to bring in $3.5bn by year-end to offset more than $3bn in acquisitions that have contributed to a more than doubling of Total’s debt in the first six months of 2025.
The French oil major also announced on Monday it would purchase a 49% stake in Continental Resources’ upstream gas fields in the US state of Oklahoma for an undisclosed sum.
The assets will bring Total’s net gas production to around 150-million standard cubic feet per day by 2030, or about 26,000 barrels of oil equivalent per day, helping to secure access to low-cost upstream gas as it signs deals to deliver the fuel via ship to mostly Asian clients for the coming decades.
Reuters
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