TotalEnergies plans to sell all its renewable power holdings outside the United States, Brazil and Europe, company executives said on Monday, as per a report by Reuters. According to the report, the French oil major will also exit India, where around 25% of its operational renewable portfolio comes from joint ventures with the Adani Group and a direct stake in Adani Green Energy.
TotalEnergies CEO rules out expanding green portfolio with Adani
Chief executive Patrick Pouyanne said Adani Green Energy was a strong and growing company, but the group would not expand its green portfolio with Adani in the future. “I would be very happy to sell my stake in Adani Green,” he said. Pouyanne added that the stake was bought for around $2 billion and is now valued at nearly $8 billion.
Capex to be cut by $1 billion from 2027
TotalEnergies also announced plans to cut annual capital spending by $1 billion, reducing it to $15–17 billion a year between 2027 and 2030, as per the Reuters report. The move is part of a broader effort to save $7.5 billion. The group has also slowed quarterly share buybacks in response to weaker oil prices. “We can do the same growth but with less capex and opex,” Pouyanne told investors.
According to Reuters, TotalEnergies said it would also sell a 50% stake in a 1.4 gigawatt US solar portfolio to KKR for $950 million. Pouyanne described the transaction as part of several deals aimed at raising $3.5 billion by year-end. The cash will help offset more than $3 billion in acquisitions that pushed debt sharply higher in the first half of 2025.
The group is also looking to buy gas-fired power plants, which it views as a profitable complement to intermittent renewable energy.
$510 million oilfield sale to Shell completed
While TotalEnergies managed to sell an oilfield stake to Shell for $510 million last week, two other planned divestments have collapsed. An $860 million sale of Nigerian oil assets fell through after buyer Chappal Energies failed to secure funding. Another deal, the sale of West of Shetland gas assets in Britain, was scrapped after the buyer, Prax Group, went bankrupt.
TotalEnergies’ net debt more than doubles in first half
The French energy giant’s net debt has more than doubled this year, pushing its gearing ratio — net debt to equity — up to 18% from 8%. Including leases and hybrid debt, the figure rises to 28%. TotalEnergies also reported its weakest quarterly earnings in four years this summer.
Pouyanne said gearing would drop to 15% by the end of the year and stressed that he was comfortable with a level under 20%.
With the input from Reuters