Total Farms Down Half Of Equity In 2 Portfolios Of French Renewable Assets

French energy company Total SA (TTA.L, TTFNF.PK,TOT) Tuesday said it farms down half of its equity in two portfolios of renewable projects in France to Banque des Territoires and Crédit Agricole Assurances, respectively.

The deal, through Total Quadran, its 100% renewable electricity production subsidiary in France, is in line with Total's business model for the development of its renewables business.

Crédit Agricole Assurances buys a 50% stake in a portfolio consisting of 9 wind farms (103 MW) and 44 solar power plants (182 MW) for a total capacity of 285 MW (100%).

Further, Banque des Territoires takes a 50% stake in a portfolio consisting of 8 solar farms located in New Caledonia with a total capacity of 53 MW (100%).

These farm-down transactions value these portfolios, with close to cumulative 340 MW, at an enterprise value of around $600 million for 100%.

Julien Pouget, Senior Vice President Renewables of Total, said, "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."

As part of its ambition to get to net zero by 2050, Total is building a portfolio of activities in renewables and electricity that could account for up to 40% of its sales by 2050. At the end of 2020, Total's gross power generation capacity worldwide was around 12 GW, including 7 GW of renewable energy.

Total has the objective of reaching 35 GW of production capacity from renewable sources by 2025.

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