Total has agreed to sell wind and solar farms portfolios of renewable assets to both banks Banque des Territoires and Crédit Agricole Assurances in France.

Crédit Agricole Assurances bank obtains a 50% stake of 9 wind farms portfolio (103 MW) and 44 solar power plants with 182 megawatts (MW) for a total capacity of 285 MW. In addition, Banque des Territoires acquires a 50% stake of 8 solar farms portfolio located in New Caledonia with a total capacity of 53 MW.

Additionally, Julien Pouget, Senior Vice President Renewables of Total, stated that “these farm downs are the implementation of the business model we have defined for the development of renewable energies aiming to achieve over 10% return on equity. We are delighted to deepen our partnerships with both Banque des Territoires and Crédit Agricole Assurances.”

For his part, Jean-Jacques Duchamp, Deputy Chief Executive Officer of Crédit Agricole Assurances, stated that “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 Crédit 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.”

It should be mentioned that these transactions value the company’s portfolios round $600 million for 100%, which decrease the risk of portfolios, accelerate cash flow recognition, and increase the return on equity.