French energy company Total has sold its 27.5 percent interest in Fosmax LNG, the operator of the Fos Cavaou liquefied natural gas (LNG) terminal in southern France, to Elengy, another shareholder in the company. Total sold the stake for roughly $260 million.
Elengy, which already held a 72.5 percent stake in Fosmax, increased its interest in the company as a result of a competitive bidding process.
The move is in line with Total’s goal to divest $5 billion dollars in 2019–2020.
Following the deal, Total said it will retain its regasification capacity of some 5.5 million tons per annum at the terminal, equivalent to 90 percent of its overall capacity. The company has a regasification capacity of around 18 million tons per annum in Europe.
Concurrently, Total has also made its way into the Indian solar market with the purchase of a half stake in a 2.1-gigawatt portfolio of photovoltaic plants owned by Adani Green, according to Green Tech Media.
