Crédit Agricole Assurances, the insurance subsidiary of international banking and investment group Crédit Agricole announced today the acquisition of a 50% stake in a 234 MW portfolio of renewable energy projects in France from energy giant Total Energies.
The transaction values the portfolio at approximately $300 million.
The acquisition follows the launch in December 2022 of Crédit Agricole of its energy transition vision, supporting the acceleration of financing and investment in green energy, and including a plan to identify renewable energy assets to help Crédit Agricole Group become a renewable energy producer, as well as the launch of a new business line aimed at coordinating and advancing the company’s energy transition actions and offerings.
Florence Barjou, Head of Investments at Crédit Agricole Assurances, said:
“This transaction is in line with our strategy as a long-term institutional investor in the acceleration of renewable energies, in favor of the energy transition and a low-carbon economy. In line with the Crédit Agricole Group’s climate commitments, this transaction will significantly increase our investments in renewable energies and help us reach an installed capacity of 14 GW by 2025.”
The portfolio of assets from TotalEnergies includes 23 solar power plants with a total capacity of 168 MW and 6 wind power plants with a total capacity of 67 MW. 25 of the projects are already in operation and the remaining projects will be commissioned in the first half of this year. The projects will provide enough energy for 200,000 people, and prevent 96,000 tons of CO2 emissions annually for thirty years, the companies said.
TotalEnergies said that the transaction will also help it to accelerate project cash flows and improve the return on invested capital.
Vincent Stoquart, Senior Vice President, Renewables at TotalEnergies, said:
“This partial sale demonstrates the strength of our business model, which ensures a return on invested capital in renewable energies of more than 10%. We are pleased to partner with Crédit 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.”
The post Credit Agricole Buys 50% Stake in $300 Million Renewables Portfolio from TotalEnergies appeared first on ESG Today.