anque des Territoires announced on April 16, 2026 that it is selling its 49.9% stake in TramuntanaCo to Octopus Energy Generation. TramuntanaCo holds 49.9% in a portfolio of four wind farms located in Hauts-de-France, Normandy, Bourgogne-Franche-Comté, and Grand Est, with total installed capacity of 107.1 MW. The transaction follows a similar disposal to Axium Infrastructure announced on March 20, 2026.

The market signal is clear: portfolio rotation is becoming an active capital recycling tool for long-term public investors. This is not a distressed exit. Banque des Territoires is monetizing mature wind assets that were co-financed between 2015 and 2017 and benefit from stable long-term revenues under France’s feed-in tariff and contract-for-difference support schemes.

For buyers, these assets remain attractive because they offer operating history, revenue visibility, and limited development risk. For the seller, the rationale is different. The sale frees up capital tied to stabilized projects and allows redeployment into new investments aligned with territorial and public-interest priorities.

That distinction matters. The French renewables market is no longer only about funding new megawatts. It is also about rotating de-risked operating assets to fund the next development cycle. Banque des Territoires said it committed €1.6 billion to 259 projects in 2025, reinforcing the view that capital recycling is now a structured investment strategy rather than a one-off disposal.

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