World brings live 9.8 GW of offshore wind parks in 2023
Apr 24, 2024 9:19 CESTFrance’s Total Quadran is selling 50% stakes in 338 MW of wind and solar farms in a deal that values the assets at an enterprise value of roughly USD 600 million (EUR 493.2m).
The farm-down deals aim to derisk the group portfolio, enhance cash flow recognition and increase the return on equity, Total said on Tuesday.
Total Quadran, the French renewable power production unit of Total SA (EPA:FP), will offload half of its shareholding in a 285-MW portfolio consisting of nine wind farms, 103 MW of capacity, and 44 solar photovoltaic (PV) plants, 182 MW of capacity. The 50% interest will be purchased by Credit Agricole Assurances.
Separately, Banque des Territoires, part of France's Groupe Caisse des Depots, will take a 50% stake in a portfolio of eight solar farms in New Caledonia of 53 MW in total.
"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," said Julien Pouget, senior vice president Renewables at Total.
The French energy group aims to have 35 GW of gross renewable energy production capacity by 2025. At end-2020, that total stood at 7 GW, Total said.
(USD 1.0 = EUR 0.822)
World brings live 9.8 GW of offshore wind parks in 2023
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