TotalEnergies selling half of 234-MW French solar, wind portfolio

TotalEnergies said on Friday that it is selling a 50% stake in the 234-MW wind and solar portfolio in France to French insurance firm Credit Agricole Assurances.

The deal takes into account an enterprise value of USD 300 million (EUR 274.5m) for 100% of the portfolio, equivalent to a multiple of 16 EBITDA, the French multi-energy major said, adding that the sale enables it to accelerate project cash flows and improve the return on invested capital.

The portfolio includes 29 assets, 25 of which are operational, generating 180 MW. The remaining four are projects bringing a combined 54 MW. Their commissioning is due in the first half of 2023.

In terms of technology, 23 assets are solar with a capacity of 168 and six are wind totalling 67 MW.

TotalEnergies will continue to provide asset management and operation and maintenance services for all 29 plants, the company said.

For Credit Agricole Assurances, acting as an institutional investor in renewables, the transaction will contribute to its goal of reaching installed capacity of 14 GW by 2025.

(USD 1.0 = EUR 0.915)

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