TotalEnergies divests its distributed solar generation activities in Europe

PARIS, July 9 - French oil major TotalEnergies has divested its 170-megawatt portfolio of distributed solar generation assets in Europe, it said on Thursday, as part of its strategy to focus on larger renewable projects which are more profitable.

The assets have been sold to independent producer Amarenco and AMPYR Distributed Energy, which will continue to operate the panels to supply existing customers. TotalEnergies did not disclose the value of the transaction.

Total is hoping to build more than 75 gigawatts of renewables worldwide by 2030, up from a current 35 GW.

Distributed solar, which is mostly rooftop solar, usually consists of small projects under 3 MW, which the company has said is less suitable for its goals compared to gigawatt-scale farms.

The divested portfolio assets are across France, Belgium, the Netherlands, Spain, Portugal, Britain and Luxembourg. 

(Reporting by America Hernandez in Paris; Editing by Jan Harvey)