The renewable generation subsidiary of oil giant Total has agreed to sell half of its equity stake in several solar and wind farms to two French financiers.

Total Quadran will farm down two renewable generation portfolios to Credit Agricole Assurances and Banque des Territoires. The total enterprise value of the 340MW-capacity sold assets stands at approximately $600m.

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Under the agreement, Crédit Agricole Assurances will acquire a 50% stake in a portfolio that includes nine wind farms and 44 solar power plants. These have a capacity of 103MW and 182MW, respectively, with a total capacity of 285MW.

Banque des Territoires will acquire a 50% stake in a portfolio of eight solar farms in New Caledonia, with a 53MW capacity.

A Total spokesperson said this transaction stands in line with the company’s model for the development of its renewables business.

Total Renewables senior vice-president Julien Pouget 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.

“We are delighted to deepen our partnerships with both Banque des Territoires and Crédit Agricole Assurances.”

Through this move, Total aims to de-risk the group portfolio, accelerate cash flow recognition, and increase the return on equity.

Crédit Agricole Assurances deputy chief executive officer Jean-Jacques Duchamp said: “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 favour 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.”