(Ian Silverman, Energy Analytics Institute, 4.Dec.2024) — TotalEnergies signed an agreement with funds managed by Apollo related to the divestment of 50% of a project portfolio comprising of 2 GW of solar and battery energy storage systems (BESS) in Texas.
The deal will provide TotalEnergies with $800mn in cash. This includes $550mn in Apollo equity and $250mn in shareholder loan refinancing, the France-based company said 4 Dec. 2024 in an official statement.
“Finally, we are looking forward to joining forces with Apollo as a partner in our renewable assets in Texas,” TotalEnergies president of Gas, Renewables and Power Stéphane Michel said in the statement.
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The Texas portfolio consists of three solar projects with a total capacity of 1.7 GW, and two battery storage projects with a capacity of 300 MW.
In the aftermath of the deal, TotalEnergies will retain a 50% interest and remain the operator of the assets, which are Danish Fields, Cottonwood, and Hill Solar I. The electricity production of these projects has either already been sold to third parties or will be commercialized by TotalEnergies, the company said.
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By Ian Silverman. © Energy Analytics Institute (EAI). All Rights Reserved.
