(Reuters) -France’s TotalEnergies is weighing the sale of some renewable energy assets in Asia to reduce its debt, a company spokesperson said on Thursday.
The assets could be valued at several hundred million dollars in the sale, the spokesperson said as they confirmed the news first reported by Bloomberg.
“We are focusing our strategy on some key major markets in Europe, U.S., Brazil and streamlining what we do in renewables outside of this three key markets,” TotalEnergies CEO Patrick Pouyanne had said earlier this year at an investor presentation.
The company has also adopted a strategy of proposing renewable energy to countries where it has large oil and gas investments, notably with its flagship $27 billion Iraq multi-energy project. It also won a license to develop, build and operate a 400 megawatts (MW) solar power plant in Saudi Arabia last month.
TotalEnergies can succeed in a changing energy market because it offers both renewable power and oil and gas, Pouyanne said at Saudi Arabia’s annual Future Investment Initiative summit.
Currently, roughly 25% of the French oil major’s operational renewables portfolio comes from its joint ventures with Indian conglomerate Adani, as well as a direct stake in Adani Green Energy Limited.
(Reporting by Ananya Palyekar, Abu Sultan, Rhea Rose Abraham in Bengaluru and Kanjyik Ghosh in Barcelona; Editing by Mrigank Dhaniwala and Leroy Leo)
