Total Is Said to Vie With Enel, RWE for French Wind Assets
(Bloomberg) -- TotalEnergies SE is competing with utility Enel SpA in the bidding for a large portfolio of French wind farm projects from Renewable Energy Systems Ltd., people familiar with the matter said.
German utility RWE AG is also pursuing the assets, according to the people, who asked not to be identified because the information is private. RES has asked the suitors to submit firm bids next month, the people said.
The portfolio could be valued at around 800 million euros ($951 million) or more, one of the people said. Sale talks could still fall apart or another bidder may emerge, they said.
France’s TotalEnergies, Italy’s Enel and RWE declined to comment. A spokesman for British company RES didn’t comment on the bidders, but reiterated that it has appointed Rothschild & Co. to help raise funds, including “the potential sale of an interest in its development and construction platform in France.”
Clean power assets are increasingly in demand as the world turns to stricter environmental norms. In France, President Emmanuel Macron has pledged to reduce the dominance of nuclear power in favor of renewables, though some opposition politicians have said too many windmills are spoiling the landscape.
TotalEnergies has been stepping up investment in clean power as part of a plan for net-zero emissions by the middle of the century. The company, which aims to be among the world’s top five renewables developers by 2030, recently added “Energies” to its name to highlight the increasing share of non-oil and gas businesses in its portfolio.
RWE, one of Europe’s biggest emitters, is also investing in the energy transition and aims to be carbon neutral by 2040. Last year, it bought a portfolio of mostly French wind projects from Nordex SE for just over 400 million euros.
Enel, Europe’s biggest utility, has little presence in France. It has pledged to boost spending in renewables while shutting down coal-fired power generators.
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