TotalEnergies Sells Half of Greek Renewables Portfolio for €508 Million
TotalEnergies has closed the sale of a 50% interest in a 424-megawatt portfolio of wind and solar assets in Greece to infrastructure investor Asterion Industrial Partners, in a transaction that values the portfolio at €508 million, or roughly €1.2 million per megawatt installed.
The French energy major will retain the remaining 50% stake and continue to operate the assets. It will also offtake and market most of the electricity generated once the projects exit Greece’s regulated tariff regime, preserving commercial exposure to power prices while recycling capital.
The deal aligns with TotalEnergies’ stated renewables strategy of divesting minority stakes in operating assets to crystallize value, manage risk, and fund further growth.
The transaction fits squarely within TotalEnergies’ integrated power business model, which combines renewable generation—solar, onshore wind and offshore wind—with flexible assets such as gas-fired power plants and energy storage. The aim is to deliver so-called “clean firm power” capable of meeting demand even when renewable output is intermittent.
Rather than fully exiting projects, TotalEnergies has increasingly opted to sell down up to 50% stakes in renewable portfolios while remaining operator. This approach allows the company to maintain scale, technical control and market access, while lowering capital intensity and improving returns on invested capital. Similar minority divestments have become a defining feature of the group’s renewables expansion across Europe and other core markets.
Greece has emerged as a strategic growth market for renewables developers, driven by strong solar and wind resources, supportive policy frameworks, and rising power demand linked to electrification and regional interconnections. As regulated tariffs expire, merchant exposure and long-term power marketing capabilities—such as those retained by TotalEnergies in this deal—are becoming increasingly important to project economics.
For Asterion Industrial Partners, the acquisition strengthens its exposure to European energy infrastructure at a time when institutional capital continues to flow into operational renewable assets offering stable, long-term cash flows. Founded in 2018, Asterion manages around $10 billion and focuses on mid-market infrastructure investments across energy, utilities, digital, and mobility sectors.
The transaction underscores how major oil and gas companies are reshaping their renewables portfolios to balance growth with financial discipline. By monetizing part of its Greek portfolio while retaining operational and commercial roles, TotalEnergies reinforces its position as both a renewable power producer and an integrated electricity market player, rather than a pure asset owner.