TotalEnergies has finalised the sale of half its renewable energy assets in Portugal while simultaneously acquiring a 50% stake in AES’s renewable portfolio in the Dominican Republic.
The transaction in Portugal involves the transfer of 50% of a 604MW portfolio, comprising wind, solar, and hydro assets, to a consortium of MM Capital Partners, Daiwa Energy & Infrastructure, and Mizuho Leasing for €178.5m. This deal values the entire portfolio at €550m.
Despite the sale, TotalEnergies will maintain operational control and a 50% share, with plans to purchase and commercialise the output once existing regulated tariffs conclude.
TotalEnergies renewables senior vice president Olivier Jouny said: “We are pleased with this partnership in Portugal, a country where TotalEnergies intends to continue its development in renewables.
“In line with our strategy, this transaction allows us to optimise our capital allocation in our integrated electricity activities and contribute to improving the sector’s profitability.”
In the Dominican Republic, TotalEnergies has acquired a 50% interest in AES Dominicana Renewables Energy’s solar, wind, and Battery Energy Storage Systems (BESS) portfolio.
This acquisition builds on TotalEnergies’ earlier 2024 purchase of a 30% stake in AES’s solar and battery projects in Puerto Rico. The combined portfolio now boasts over 1.5GW of renewable energy and BESS capacity throughout the Caribbean.
The AES portfolio features more than 1 GW of contracted wind, solar, and BESS projects, with 410MW already operational or under construction. These projects supply electricity under long-term Power Purchase Agreements (PPAs).
Additionally, over 500MW of solar and wind capacity is in development, with BESS projects designed to enhance grid stability.
The strategic moves align with TotalEnergies’ multi-energy approach in a region where it plays a significant role in the liquefied natural gas (LNG) value chain.
In the Dominican Republic, TotalEnergies aims to grow its renewables business, complementing its existing solarised network of 184 service stations, natural gas distribution, and a 103MW solar plant under construction.
In Puerto Rico, TotalEnergies already holds a 30% stake in AES’s renewables, which includes 485MW of solar and BESS projects. These projects include 200MW of solar and 285MW/1,140MWh of BESS currently under construction.
TotalEnergies continues to expand its multi-energy strategy in Puerto Rico, where it is active in the fuel, lubricants, and aviation sectors, and operates 200 service stations across Puerto Rico and St Thomas.
