TotalEnergies has sold a 50% interest in a 604 MW portfolio of wind, solar, and hydropower assets in Portugal to a Japanese consortium for €178.5m, corresponding to an enterprise value of €550m. The consortium includes MM Capital Partners 2, Daiwa Energy & Infrastructure, and Mizuho Leasing. TotalEnergies will retain the remaining 50% stake and will continue to operate the projects. Once the current regulated tariffs expire, the company will purchase the electricity produced by these assets—whose average age is 16 years—and manage its commercialization.
Portugal's updated NECP set the target of reaching a 51% share of renewables in final energy consumption in 2030 and 80% of renewables in power generation by 2026. The NECP aims to increase the solar and wind capacity to 20.8 GW and 12.6 GW, respectively (including 2 GW of offshore wind).
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