TotalEnergies NYSE:TTE, a French energy giant focused on oil, gas, and power, has moved to sharpen its clean-energy strategy by selling about 170 megawatts of small distributed solar assets in Europe to Amarenco Solar and Ampyr Distributed Energy, two developers named in the transaction. The assets are mostly rooftop photovoltaic projects spread across seven countries, including France, and the company did not disclose the value of the deal.
The sale appears to reflect TotalEnergies' effort to prioritize larger power projects that may benefit from stronger economies of scale. Investors may view the move as part of a broader reset among European oil majors, as companies including Shell, a major energy company, and BP, a major energy company, have been reducing some clean-energy exposure after years of weaker returns and shifting more attention back toward oil and gas production.
TotalEnergies is still targeting a major expansion in renewable power, with plans to more than double its solar and wind generation capacity to over 75 gigawatts by 2030. The company is also leaning further into gas-backed electricity, recently selling a 50% stake in a large Western European gas-fired power plant fleet to Kretinsky's EPH, a company identified in the source as the buyer, as it seeks to support round-the-clock power supply for clients.