TotalEnergies has signed an agreement with funds managed by Apolloto sell 50% of a 2 GW solar and battery energy storage (BESS) project portfolio for $800 million. The projects are located in Texas, United States. 

According to the company, the 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. 

After this transaction, subject to certain conditions precedent, TotalEnergies will retain a 50% stake and remain the operator of the assets, which are Danish Fields, Cottonwood, and Hill Solar I. 

The electricity production from these projects has already been sold to third parties or will be marketed by TotalEnergies. 

This sale is a step for the company to achieve its profitability target of 12% for the Integrated Energy business. TotalEnergies plans to sell up to 50% of its fully owned renewable assets once they reach the Commercial Operation Date (COD) and risks are removed, enabling the company to maximize the value of the assets and manage risks. 

The company is building a portfolio that combines renewable energy (solar, onshore wind, offshore wind) and flexible assets (combined gas cycles and storage) to provide clean, firm energy to its customers. 

By the end of 2024, TotalEnergies' gross installed renewable electricity generation capacity will have reached over 24 GW. TotalEnergies will continue to expand this business to reach 35 GW in 2025 and more than 100 TWh of net electricity production by 2030.