TotalEnergies (TTE) shares climbed Wednesday after the energy giant struck a deal to sell half of its Greek renewable energy assets to Asterion Industrial Partners. The transaction involves a 424-megawatt wind and solar portfolio valued at 508 million euros—that's around $595 million for those keeping score in dollars.

Here's the math that matters: the deal values these assets at approximately 1.2 million euros (about $1.4 million) per megawatt. Not bad for renewable infrastructure in Greece.

But TotalEnergies isn't walking away entirely. The company keeps the remaining 50% stake and maintains operational control of the assets. Even better, TotalEnergies will handle the offtake and marketing of most of the electricity once those regulated tariffs eventually expire, which means they're keeping their hand in the revenue stream.

The Bigger Strategy at Play

This sale fits squarely into TotalEnergies' broader playbook. The company is building out a diverse energy portfolio that combines renewables with flexible assets like combined-cycle gas turbines and storage systems—the goal being clean power that's actually reliable when you need it.

To manage risk and boost profitability, TotalEnergies routinely divests up to 50% of its renewable projects. It's a way to crystallize value while keeping skin in the game.

What Else TotalEnergies Has Been Up To

This isn't the only deal TotalEnergies has cooking. Earlier this month, TotalEnergies EP Nigeria agreed to sell a 40% interest in the PPL 2000 and PPL 2001 exploration licenses to Star Deep Water Petroleum Limited.

And back in November, the company announced it would acquire a 50% stake in a flexible power generation portfolio from Energetický a průmyslový holding (EPH) at an enterprise value of 10.6 billion euros—that's $12.3 billion. That massive acquisition includes over 14 gigawatts of flexible generation capacity spanning gas-fired plants, biomass facilities, and batteries, either already running or under construction.

TotalEnergies shares were trading up 1.90% at $65.06 during premarket trading Wednesday.