TotalEnergies: No purchase of existing renewable assets due to a bubble – Boursorama

PARIS (Reuters) – TotalEnergies is not making acquisitions of large renewable energy producers due to their excessive valuations, its CEO said on Thursday.

Asked about a possible interest in Engie, Patrick Pouyanné said during an interview organized on the occasion of the “Investir day” conference: “I am not sure that it is a large producer of renewable energies since, in terms of wind and solar, we are also (big and) maybe even a little bigger. ”

“I will tell you why (…) we are not going to do it: because these companies – there are a few others like Orsted, like other well-known names – they are extremely expensive”, added the CEO.

“There is a huge bubble (…), we are not going to buy multiples of 20 or 25, I cannot justify that (…). After, like all bubbles, it can deflate and, at that point, we will probably be quick to react. ”

Patrick Pouyanné also reiterated that TotalEnergies could however be interested in developers of renewable projects who do not have assets already built.

(Report Benjamin Mallet; edited by Jean-Stéphane Brosse)