Total, French energy company has sold half of its stake in two French renewable energy portfolios to Banque des Territoires and Crédit Agricole Assurances.
Crédit Agricole Assurances has taken a 50% stake in a portfolio made up of nine wind farms (103MW) and 44 solar power plants (182MW) for a total capacity of 285MW (100%).
The Banque des Territoires took a 50% stake in a portfolio of eight solar parks located in New Caledonia, with a total capacity of 53 MW (100%).
The value of these portfolios, close to 340MW cumulative, has been estimated at around 600 million dollars (493 million euros) for 100%.
These investments reduce risk within the group’s portfolio, accelerate cash flow recognition, and increase return on equity, Total said. “These equity investments are the implementation of the economic model that we have defined for the development of renewable energies aiming to achieve a return on equity of more than 10%.
We are happy to deepen our partnerships with Banque des Territoires and Crédit Agricole Assurances,” said Julien Pouget, Deputy Managing Director in charge of renewable energies at Total. The transactions were concluded through Total Quadran, Total’s French 100% renewable electricity production subsidiary.
Jean-Jacques Duchamp, Deputy Managing Director of Crédit Agricole Assurances, said: “This transaction is part of our strategy as a long-term institutional investor and diversification on behalf of our clients. “This is a fully integrated strategy, in line with the Crédit Agricole Group’s climate commitments, in favour of the energy transition and a low-carbon economy. We are proud of this partnership with Total, which allows us to consolidate our contribution to the energy transition in France”.
Emmanuel Legrand, head of the Energy and Environmental Transition Department of the Banque des Territoires, added: “This acquisition illustrates the Banque des Territoires’ desire to sustainably support the players in the energy transition in the deployment of new renewable energy projects. In mainland France and overseas”.