TotalEnergies, a French energy giant, has agreed to sell a 50 per cent stake in its 234 MW renewable project portfolio to Crédit Agricole Assurances for an undisclosed sum. The portfolio consists of six wind farms with a combined capacity of 67 MW and 23 solar power plants with a total capacity of 168 MW. According to TotalEnergies, 25 of the 29 renewable energy assets are now in operation, with the other four going live in the first half of 2023.

These resources have the capacity to provide enough renewable energy to cover the electrical needs of 200,000 people while eliminating about 96,000 tonnes of carbon emissions annually for 30 years. The $300 million enterprise value sale is a component of TotalEnergies’ plan to stimulate profitable expansion in the renewable energy sector. It aims to allow the company to expedite project cash flows and improve returns on invested capital.In accordance with the conditions of the deal, TotalEnergies will continue on providing asset management, operation, and maintenance services for the 29 power plants.

In December 2022, TotalEnergies inked agreements to build a 1 GW wind farm in Kazakhstan alongside Samruk-Kazyna and KazMunayGas. The Mirny project, which is reportedly the largest wind energy project ever built in Kazakhstan, will be developed by the company’s affiliate Total Eren. The Mirny project will consist of 200 wind turbines and a 600 MWh battery storage system.