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    Will Google’s 21‑Year Malaysian Solar Deal Redefine TotalEnergies’ (ENXTPA:TTE) Energy‑Transition Cash Flows?

    Simply Wall St·12/25/2025 07:30:15
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    • TotalEnergies and Google recently signed a 21‑year power purchase agreement for 1 TWh of renewable power from the future Citra Energies solar plant in Kedah, Malaysia, which is expected to begin construction in early 2026 to support Google’s local data center operations.
    • This deal, alongside TotalEnergies’ role in powering Sangha Renewables’ behind-the-meter West Texas bitcoin mining data center, highlights how the company is increasingly supplying tailored clean energy solutions to large, power‑intensive technology clients.
    • We’ll now assess how this long-term Google renewable power agreement shapes TotalEnergies’ investment narrative around recurring cash flows and energy transition.

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    TotalEnergies Investment Narrative Recap

    To own TotalEnergies, you need to believe it can keep funding generous shareholder returns while gradually tilting its portfolio toward profitable low carbon power. The new long dated Google PPA adds another contracted revenue stream, but at a modest 20 MW it does not materially change the near term picture, where commodity price volatility remains the key catalyst and extended oil market weakness the biggest risk to cash generation.

    The recent confirmation of continued share repurchases under its authorized buyback program is the most relevant backdrop to this Google deal, because it shows how management is still allocating substantial cash to shareholders while signing long term power contracts. Together, these moves frame TotalEnergies as an integrated energy group trying to balance capital intensive renewables growth with disciplined capital returns, which will be central to how investors judge future execution.

    Yet against this appealing renewables story, investors still need to weigh the risk that faster decarbonization could erode long term oil and gas demand in ways that...

    Read the full narrative on TotalEnergies (it's free!)

    TotalEnergies’ narrative projects $194.9 billion in revenue and $15.8 billion in earnings by 2028.

    Uncover how TotalEnergies' forecasts yield a €63.30 fair value, a 14% upside to its current price.

    Exploring Other Perspectives

    ENXTPA:TTE 1-Year Stock Price Chart
    ENXTPA:TTE 1-Year Stock Price Chart

    Eighteen members of the Simply Wall St Community see fair value for TotalEnergies anywhere between €51.96 and €182.61, with estimates spread across the entire range. When you set those views against the risk that faster decarbonization could outpace the build out of renewables and power earnings, it becomes clear why you may want to compare several different forecasts before forming a view on the stock.

    Explore 18 other fair value estimates on TotalEnergies - why the stock might be worth over 3x more than the current price!

    Build Your Own TotalEnergies Narrative

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.