TotalEnergies sold its 170-megawatt distributed solar portfolio to Irish solar company Amarenco and London-based AMPYR Distributed Energy, a Europe-focused renewables developer and asset manager.
The French energy giant said in a statement that the sale was “in line with its strategy to refocus its renewable development on large utility-scale solar and wind farms in order to benefit from economies of scale.” The portfolio, which includes projects across Western Europe, is made up of small installations of three megawatts or less.
Total says the divestment will have no impact on its pace of renewables development. The company has a renewables portfolio of more than 35 gigawatts and is aiming for 75 gigawatts by 2030.
Leaders and laggards
Total has stood out among oil and gas majors for maintaining its clean energy commitments. Fossil fuels still make up the overwhelming majority of its business, but its fastest growing business segment is electricity generation, about 70% of which comes from renewable sources (30% is gas).
Total is only modestly increasing its oil and gas production compared to its peers. BP, which once ambitiously stood for Beyond Petroleum, has slashed its renewable energy spending, to around $2 billion a year, while increasing annual oil and gas spending to $10 billion since Russia’s invasion of Ukraine. Shell has been shedding its solar and energy storage assets since 2024, and is planning to ditch about $1 billion of its offshore wind assets. Norway-based Equinor said last month it was dropping its 2030 renewables target.
