Watson Farley & Williams (“WFW”) advised longstanding client TotalEnergies on the sale to Asterion Industrial Partners of a 50% stake in its Greek subsidiary, which holds a 424 MW wind and solar portfolio. The transaction implies a total portfolio valuation of €508m, equivalent to approximately €1.2m per installed MW.
The portfolio includes 374 MW of operational assets and 50 MW under construction, diversified across 204 MW of solar PV and 220 MW of wind. The assets are located in the Peloponnese, East Macedonia & Thrace and Central Greece regions, all known for their superior wind and solar resources.
TotalEnergies will continue to operate the assets and, once the existing regulated tariffs expire, will handle the offtake and marketing of most of the electricity produced.
TotalEnergies is a global integrated energy company engaged in the production and marketing of a broad range of energy types, including oil, biofuels, natural gas, green gases, renewables and electricity. Operating in around 120 countries, it places sustainability at the core of its strategy, projects and operations.
Asterion Industrial Partners is an independent European investment management firm specialising in mid‑market infrastructure across energy, digital, utilities, and mobility. The firm is recognised for its hands‑on, long‑term, and sustainable investment approach.
The WFW Athens team that advised TotalEnergies was led by Partner Virginia Murray, supported by Counsel Valina Giouzelaki and Senior Associates Eleni Stylianou and David Bath. Counsel Maira Galani led on due diligence and regulatory matters, whilst Counsel Matina Kanellopoulou and Associate Fotini Nassou advised on the finance arrangements. Senior Associate Katerina Stringari led on the corporate restructuring. Senior Associate Eleni Stylianou, supported by Counsels Valina Giouzelaki and Matina Kanellopoulou, helped bring the deal to completion, assisted by Associates Christianna Papageorgiou, George Karanikolas and Trainee Myrsini Dimitrakopoulou.
Virginia commented: “We have worked with TotalEnergies on their Greek portfolio for many years, so we are proud to have supported them in this next step. Cooperation with Asterion Industrial Partners has been excellent throughout the transaction, so we are looking forward to the new era of cooperation on these high-quality Greek renewable assets. The whole of the WFW Athens team, supported by sectoral expert colleagues in London, excelled itself in this very challenging deal”.
