The Bull Case For TotalEnergies (ENXTPA:TTE) Could Change Following Google’s 21-Year Malaysian Solar PPA - Learn Why

• TotalEnergies and Google recently signed a 21-year Power Purchase Agreement for 1 TWh of certified renewable electricity from the planned Citra Energies 20 MW solar plant in Kedah, Malaysia, to support Google’s data center operations.
• This long-term deal highlights how hyperscale tech companies are increasingly locking in dedicated clean power projects, reinforcing TotalEnergies’ role as a large-scale partner in the energy transition.
• We’ll now explore how this long-duration Google PPA, anchored on a new Malaysian solar project, fits into TotalEnergies’ broader investment narrative.

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TotalEnergies Investment Narrative Recap

To own TotalEnergies, you need to believe it can balance its legacy oil and gas cash flows with disciplined growth in power and renewables, without overstretching its balance sheet. The new 21‑year Google PPA in Malaysia reinforces its power business but does not materially change the near term focus on managing oil price volatility and capital intensity as the biggest catalyst and risk right now.

The most relevant linked development is TotalEnergies’ earlier 15‑year PPA to supply Google’s U.S. data centers with renewable power, which, together with the Malaysian deal, underlines its push to build scale with long term, contracted tech customers. For investors, these agreements sit alongside upstream growth projects and ongoing buybacks as key inputs into how reliably future cash flows might support both reinvestment and capital returns.

Yet behind the appeal of long term contracts with big tech clients, investors should be aware that...

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

TotalEnergies' narrative projects $194.9 billion revenue and $15.8 billion earnings by 2028. This requires 1.4% yearly revenue growth and about a $3.0 billion earnings increase from $12.8 billion today.

Uncover how TotalEnergies' forecasts yield a €63.30 fair value, a 16% upside to its current price.

Exploring Other Perspectives

Eighteen members of the Simply Wall St Community currently value TotalEnergies between €51.96 and €182.15, reflecting a wide spread of individual expectations. Against that backdrop, the growing importance of capital heavy renewables and power projects raises real questions about funding, execution risk and how resilient future cash flows might be if divestments or farm downs are delayed.

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

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your TotalEnergies research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.
• Our free TotalEnergies research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate TotalEnergies' overall financial health at a glance.

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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.

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