TotalEnergies sells solar assets in North America and will receive $950 million

"The transaction involves six solar power plants representing a total capacity of 1,3 gigawatts, as well as 41 production facilities (...) totaling 140 megawatts, mainly in the United States. The electricity produced by these projects has already been sold to third parties or will be marketed by TotalEnergies," the French group said in a press release.

Following the transaction, and "thanks to the bank refinancing currently being finalized," TotalEnergies will receive $950 million. The group will continue to operate the assets it retains.

"This transaction is fully in line with our strategy, as it adds value to recently commissioned assets and strengthens the profitability of our Integrated Power business," said Stéphane Michel, Director of the "Gas, Renewables and Power" division, quoted in the press release.

TotalEnergies is targeting a return on average capital employed of 12% in electricity, a level approaching that of its hydrocarbon activities.

The group explains that it sells "up to 50% of its renewable assets once they reach their commercial operation date (COD) and are de-risked" in order to "maximize the value of its portfolio and manage risks."

Following a decision by TotalEnergies' board of directors on Wednesday, TotalEnergies shares will be able to be traded on two different exchanges: Euronext in Paris and the New York Stock Exchange in the United States. No timetable has been specified.