Crédit Agricole Assurances, the insurance subsidiary of international banking and investment group Crédit Agricole announced the acquisition of a 30% stake in renewable power producer Innergex Renewable Energy’s portfolio in France for €128 million.
The Innergex portfolio includes 17 operating assets, totaling 324 MW of wind energy, as well as 9 MW of storage capacity, in addition to a portfolio of projects at various stages of development. The transaction is expected to close in the second half of 2023.
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.
Earlier this year, Crédit Agricole Assurances also announced the acquisition of a 50% stake in a 234 MW portfolio of renewable energy projects in France from energy giant Total Energies, in a transaction valuing the portfolio at approximately $300 million.
Philippe Dumont, CEO of Crédit Agricole Assurances, said:
“We’re proud to announce this new partnership in favour of the energy transition. This investment in Innergex France, a high-potential French renewable platform and a subsidiary of a leading pure play renewable group with a proven track record, is fully in line with Crédit Agricole Group’s climate commitments. This operation will also contribute to Crédit Agricole Assurances’ objectives to increase its investments in renewable energies and reach a 14 GW installed capacity by 2025.”
Following the transaction, Innergex will continue to lead the management of the portfolio, including project development, construction and operation. The company said that the use the proceeds from the investment to reduce its revolving credit facilities, and to fund development activities over the next few years.
Michel Letellier, President and Chief Executive Officer of Innergex, said:
“As the new renewable energy bill adopted by the French Parliament promises to accelerate renewable energy development, this long-term partnership provides Innergex with additional financial flexibility to continue and accelerate our greenfield development activities of wind and solar projects in the years ahead.’’