Gdańsk/Paris/London — TotalEnergies will raise $950m from the sale of a stake in a US solar portfolio, it said, as the company seeks to soothe investor fears over slow asset sales and rising debt that are likely to be in focus at an Investor Day in New York on Monday.
As other oil majors reduce renewables spending, Total has bucked the trend by continuing to build wind and solar projects, then selling minority stakes to raise cash, which it invests in natural gas assets to grow its portfolio as global demand rises.
Under the solar deal, investment company KKR will take 50% of six utility-scale solar assets and 41 distributed generation assets, mostly in the US. Total will keep the remaining half of the 1.4-gigawatt portfolio, with…