TOTAL-M&A/RENEWABLES (URGENT)Total sells wind and solar farm stakes to Credit Agricole and Banque des Territoires
PARIS: French energy group Total has agreed to sell off stakes in some wind and solar farms to Credit Agricole Assurances and Banque des Territoires, in deals which Total said would boosts its cash flow and return on equity.
Total said on Tuesday that Credit Agricole Assurances would buy a 50 per cent stake in nine wind farms (103 MW) and 44 solar power plants (182 MW) for a total capacity of 285 MW.
Banque des Territoires would buy a 50 per cent stake in a portfolio consisting of eight solar farms located in New Caledonia with a total capacity of 53 MW, with the deals giving 100 per cent of the portfolios an enterprise value of $600 million.
Source: reuters
