French energy company TotalEnergies has scaled back its presence in Greece’s renewable energy sector after around three years, as the energy major refocuses on its core business of oil and gas exploration and production.
The partial divestment comes as large multinational oil companies reassess their exposure to the green energy transition, with TotalEnergies following a strategy it signalled in 2024, when it announced plans to sell up to 50% of its renewable portfolios in the United States, Spain, Portugal and Greece.
TotalEnergies said it has completed the sale of a 50% stake in its Greek portfolio of wind and solar assets, with a combined capacity of 424 megawatts, to Asterion Industrial Partners. The transaction values the portfolio at 508 million euros, or about 1.2 million euros per installed megawatt.
The French group will retain a 50% stake and remain the operator of the assets. It will also take responsibility for the offtake and marketing of most of the electricity generated by the projects once they are no longer covered by price support schemes.
In a statement, TotalEnergies said the transaction aligns with its vertically integrated power strategy, which combines renewable generation — including solar, onshore and offshore wind — with flexible assets such as combined-cycle gas turbines and energy storage.
The company said selling minority stakes in renewable projects allows it to meet profitability targets, share risk and maximise the value of its power generation portfolio, while maintaining operational control.
