TotalEnergies Sells Half of Renewable Projects Portfolio
TotalEnergies is selling half of its portfolio of renewable projects to French insurance specialist Crédit Agricole Assurances. The transaction, which implies an enterprise value of $300 million, includes 23 solar power plants and six wind farms, of which 25 are already operational and four are due to be commissioned in the first half of this year.
“This partial sale demonstrates the strength of our business model, which ensures a return on invested capital in renewable energies of more than 10%. We are pleased to partner with Crédit Agricole Assurances and support its investment in the energy transition. With its strong teams and business model, TotalEnergies intends to continue its development in France where we aim to reach 4 gigawatts of renewable generation capacity by 2025,” said Vincent Stoquart, senior vice president, renewables at TotalEnergies.
Florence Barjou, head of investments at Crédit Agricole Assurances, added that the purchase will help the company reach an installed capacity for renewable energies of 14 gigawatts by 2025.
Start-up of new solar power plant in Japan
In separate news, Total Energies has started commercial operations at a 51-megawatt (MW) solar power plant in Japan. The Tsu Haze facility in Tsu, Mie prefecture, will supply electricity to Chubu Electric Power Miraiz, a subsidiary of the regional utility company.
Stoquart said the start-up of the French energy group’s fourth large-scale solar power plant in Japan, with partners Suzuka Group and Tohoku Electric, marks a new milestone in the deployment of Total’s renewable energy activities in Japan. It now has more than 150 MW of cumulative capacity in operation.
TotalEnergies' installed capacity for generating renewable electricity was 17 GW at the end of 2022, and the company intends to expand this to reach 35 GW by 2025, and then 100 GW by 2030. Its objective is to be among the world's top five producers of electricity from wind and solar energy.
Author: Elaine Burridge, Freelance Journalist
