TotalEnergies has announced that is selling 50% of a 234MW portfolio of renewable projects to Credit Agricole Assurances.
The portfolio includes 23 solar power plants with a capacity of 168MW and six wind farms with a capacity of 67MW.
Of the 29 power plants in the portfolio, 25 are already operational (180MW) and the four others (54MW) will be commissioned in the first half of 2023.
This transaction implies an enterprise value of the portfolio of $300 million (100%) equivalent to a multiple of 16 EBITDA.
TotalEnergies’ teams will continue to ensure the asset management, operation and maintenance of the 29 power plants. They will provide enough energy for 200,000 people and will prevent the emission of some 96,000 tonnes of CO2 per year for thirty years.
“This partial sale demonstrates the strength of our business model, which ensures a return on invested capital in renewable energies of more than 10%,” said Vincent Stoquart, Senior Vice-president for Renewables at TotalEnergies.
“We are pleased to partner with Credit Agricole Assurances and support its investment in the energy transition. With its strong teams and business model, TotalEnergies intends to continue its development in France where we aim to reach 4 GW of renewable generation capacity by 2025.”
Florence Barjou, Head of Investments at Crédit Agricole Assurances, added: “This transaction is in line with our strategy as a long-term institutional investor in the acceleration of renewable energies, in favour of the energy transition and a low-carbon economy.
“In line with the Credit Agricole Group’s climate commitments, this transaction will increase our investments in renewable energies and help us reach an installed capacity of 14GW by 2025.”