According to informed sources, Total SA (TTE.US) is seeking partners for its green investments, with the French energy giant considering the sale of a 50% stake in a portion of its European renewable energy assets. The sources indicate the company is working with advisors on a plan to divest the mentioned interest in a combined 1.2 gigawatts (GW) of solar and wind farms located in France, Germany, Poland, and Spain. Any potential transaction could raise several hundred million euros.

This potential divestment is part of the oil major's strategy to sell down a 50% share in renewable projects after their construction to enhance returns on such investments. While peers like Shell and BP have scaled back clean energy ambitions due to disappointing returns, Total SA continues to advance its diversification strategy, aiming for electricity to constitute approximately 20% of its total energy production by 2030.

Last year, Total SA agreed to sell a 50% stake in its 1.4 GW North American solar portfolio, a deal that valued the asset portfolio at $1.25 billion, including debt. It has also sold 50% stakes in several smaller-scale renewable asset portfolios in locations including France, Greece, and Portugal, as well as a 50% interest in some European electric vehicle charging networks.

This year, the company agreed to sell shares in its German battery project portfolio and reached an agreement with Abu Dhabi's Masdar to jointly form a pool of onshore renewable assets in nine Asian countries, which are not priority markets for the French firm. Total SA plans to concentrate the growth of its power business in core markets such as Europe, the United States, and Brazil, as well as in countries where it produces oil and gas. Concurrently, it aims to expand in specific renewable markets like India and South Africa.

The French company acquired German renewable project developer VSB Group last year and last month completed the acquisition of partial stakes in European gas-fired and biomass power plants.