Total’s renewable electricity production subsidiary Total Quadran has signed an agreement to sell a 50% equity stake in solar and wind energy assets in France to Banque des Territoires in a €300m ($330m) deal.
With a combined capacity of 143MW, the portfolio includes 11 wind farms (96MW) and 35 solar power plants (47MW).
Total Gas, Renewables and Power president Philippe Sauquet said: “The entry of a new partner into our projects in operation follows the refinancing performed earlier this year and is in line with our renewables development business model, aiming to achieve over 10% return on equity.”
The deal with Banque des Territoires is expected to provide a new platform for Total Quadran to further develop renewable energy projects in the country.
Banque des Territoires Ecological Transition and Department of Energy director Emmanuel Legrand said: “We invest in renewable energies to support stakeholders and public policies actively engaged in energy transition and the development of more sustainable and environmentally friendly communities.
“This acquisition fully supports our ambition, helping to roll out new renewable energy projects in France.”
Total Quadran develops, builds and operates renewable electricity generation resources, including wind, photovoltaic, hydro and biogas.
The company operates more than 300 renewable energy plants in France with a combined capacity of approximately 900MW.
Banque des Territoires is part of five business lines created by French public sector financial institution Caisse des Dépôts in 2018.
The company supports Caisse des Dépôts in taking environmental, social and governance factors into account when making its investment decisions.