TotalEnergies is preparing to market half of its equity in a combined 1.2GW portfolio of solar and wind assets located in France, Germany, Spain and Poland. The potential transaction, structured with financial advisers, could fetch several hundred million dollars as the assets have reached commercial operation and de-risked status.

BP has recently scaled back spending on renewables, creating a divergence with TotalEnergies’ strategy of recycling capital through stake sales. TotalEnergies targets 12% returns in its Integrated Power business, a model that could pressure BP to revisit its own transition roadmap and asset monetization approach.

Under its playbook, TotalEnergies routinely divests up to half of operational renewable assets to lock in value and manage project risk. Last year’s sale of a 50% interest in North American solar projects for about $1 billion demonstrates the scale and execution of this strategy.