Buy and Sell: Energy Giant TotalEnergies Optimizes Its North American Portfolio

TradingKey - On September 29 (local time), global energy major TotalEnergies announced the sale of a 50% stake in its North American solar portfolio, generating total proceeds of approximately $950 million. Concurrently, it announced the acquisition of a 49% equity stake in Continental Resources’ natural gas assets in the Anadarko Basin, Oklahoma.

The divested portfolio includes two main categories of projects:

• Six utility-scale solar power plants across the United States, with a combined capacity of about 1.3 gigawatts (GW);
• 41 distributed generation projects across North America, totaling around 140 megawatts (MW), primarily supplying electricity to commercial and industrial customers.

The acquisition complements TotalEnergies’ existing assets in the Eagle Ford and Barnett basins, further expanding its natural gas footprint in the U.S. The move strengthens its position in the global liquefied natural gas (LNG) value chain by leveraging low-cost, low-carbon-intensity gas production.

Through these two transactions, TotalEnergies has not only generated significant cash flow but also effectively diversified operational risk concentrated in a single asset class. Analysts note that in the current context of a temporary slowdown in solar industry growth, this strategy aligns with TotalEnergies’ long-term approach of balancing investment returns with risk management.

Despite near-term market challenges, the long-term growth potential of solar energy remains strong. By retaining the remaining 50% stake, TotalEnergies signals it is not exiting the sector, but rather optimizing its capital structure and enhancing investment flexibility. This strategic rebalancing supports the company’s competitiveness in the global energy transition and provides financial headroom for future expansion into emerging areas such as hydrogen and energy storage.