TotalEnergies SE shares are trading lower on Tuesday after the company disclosed that it had acquired a portfolio of eight solar projects (350 MW capacity) and two battery storage projects (85 MW capacity) from Low Carbon.

Solar projects are already in advanced development and are targeted to become operational by 2028.

These projects are expected to generate over 350 GWh per year of renewable electricity, which could power around 100,000 UK households.

Olivier Jouny, SVP of renewables at TotalEnergies said, "The acquisition of these solar and battery projects located in the south of England will complement our integrated electricity portfolio in the UK, which includes 1.1 GW of gross installed offshore wind, 1.3 GW of gross combined cycle gas turbine, and more than 600 MW of solar projects under development."

Roy Bedlow, chief executive and founder at Low Carbon, added: "Once built, these projects will make a vital contribution to the Government's Clean Power 2030 ambition and reinforce Low Carbon's track record for developing renewable assets of the highest quality, while supporting the build out of the rest of our renewables pipeline as we continue to scale as an independent power producer."

Last month, TotalEnergies and RGE JV disclosed that their equally-owned joint venture, Singa Renewables, has received a conditional license from Singapore's Energy Market Authority (EMA).

Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF and First Trust Exchange-Traded Fund VIII FT Energy Income Partners Enhanced Income ETF .

Price Action: TTE shares were down 0.5% at $60.17 at last check on Tuesday.

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