Total farms down two wind farms renewable asset portfolios in France

Total farms down two wind renewable asset portfolios in France

10:01 AM, 23rd February 2021
Total, through Total Quadran, its subsidiary in France, farms down respectively to Banque des Territoires and Credit Agricole Assurances half of its equity in two portfolios of renewable projects. Shown here is Total's wind farm. (Representative Image/File Photo)

PARIS, FRANCE: In line with its business model for the development of its renewables business, Total, through Total Quadran - its 100 percent renewable electricity production subsidiary in France, farms down respectively to Banque des Territoires and Credit Agricole Assurances half of its equity in two portfolios of renewable projects.

- Credit Agricole Assurances acquires a 50 percent stake in a portfolio consisting of 9 wind farms (103 MW) and 44 solar power plants (182 MW) for a total capacity of 285 MW (100 percent).

- Banque des Territoires takes a 50 percent stake in a portfolio consisting of 8 solar farms located in New Caledonia with a total capacity of 53 MW (100 percent).
These farm-down transactions value these portfolios (close to cumulative 340 MW) at an enterprise value of around $600 million for 100 percent. They derisk the group portfolio, accelerate cash flow recognition and increase the return on equity.

“These farm downs are the implementation of the business model we have defined for the development of renewable energies aiming to achieve over 10 percent return on equity. We are delighted to deepen our partnerships with both Banque des Territoires and Credit Agricole Assurances,” said Julien Pouget, senior vice president, renewables of Total.

"This transaction is in line with our strategy of being a long-term institutional investor and diversifying on behalf of our clients. It is a fully integrated strategy, in line with the Credit Agricole Group's climate commitments, in favor of energy transition and a low-carbon economy. We are proud of this partnership with Total, which enables us to consolidate our contribution to the energy transition in France," said Jean-Jacques Duchamp, deputy chief executive officer of Credit Agricole Assurances.

"This acquisition illustrates the Banque des Territoires' determination to provide long-term support to players in the energy transition in the deployment of new renewable energy projects in mainland France and the French overseas territories," said Emmanuel Legrand, head of the Banque des Territoires' Energy and Environmental Transition Department.

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