Under the agreement, TotalEnergies will continue to operate the Greek assets and retain its remaining 50% stake. The company also plans to market and sell the majority of the electricity once regulated government tariffs on the projects expire, signaling a shift toward market-driven revenues.
The sale highlights a growing trend among major oil and gas companies to monetize minority stakes in operational renewable projects. TotalEnergies currently owns 32 gigawatts of gross installed renewable capacity worldwide, far exceeding the renewable holdings of its oil major peers. However, much of its strategy relies on selling down portions of already-built wind and solar farms to unlock returns from assets that earn fixed, government-set tariffs in various markets.
Investor pressure appears to be driving the divestment. After a series of acquisitions in recent years, TotalEnergies’ debt-to-equity ratio more than doubled in the first half of 2025. By selling minority stakes in its renewable projects, the company aims to reduce debt levels while maintaining operational control and potential upside from electricity sales in deregulated markets.
The deal reflects broader dynamics in the energy sector, where companies and governments are navigating ESG expectations, renewable investment strategies, and financial pressures simultaneously.