TotalEnergies selling fifty percent of 234-MW French solar, wind portfolio
- TotalEnergies said on Friday that it is selling a 50% risk in the 234-MW wind and solar portfolio in France to French insurance firm Credit Agricole Assurances.
The offer thinks about an enterprise value of USD 300 million (EUR 274.5 m) for 100% of the portfolio, comparable to a numerous of 16 EBITDA, the French multi-energy major stated, adding that the sale enables it to increase project cash flows and enhance the return on spent funding.
The portfolio consists of 29 assets, 25 of which are operational, creating 180 MW. The staying four are projects bringing a mixed 54 MW. Their commissioning is due in the first half of 2023.
In terms of technology, 23 assets are solar with a capacity of 168 and 6 are wind completing 67 MW.
TotalEnergies will remain to give asset administration as well as operation as well as maintenance services for all 29 plants, the firm stated.
For Credit Agricole Assurances, serving as an institutional investor in renewables, the deal will certainly add to its objective of getting to installed capacity of 14 GW by 2025.
