REG-TotalEnergies SE TotalEnergies Sells Stake in Renewable Portfolio to Crédit Agricole Assurances

TotalEnergies SEAnnouncement

03/02/2023 07:45

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TotalEnergies Sells Stake in Renewable Portfolio to Crédit Agricole
Assurances

 

As part of its strategy of profitable growth in renewable energies,
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) is selling to Crédit Agricole
Assurances 50% of a 234 MW portfolio of renewable projects, including 23 solar
power plants with a capacity of 168 MW and 6 wind farms with a capacity of 67
MW. Of the 29 power plants in the portfolio, 25 are already operational (180
MW) and the four others (54 MW) will be commissioned in the first half of
2023.

This transaction implies an enterprise value of the portfolio of $ 300 million
(100%) equivalent to a multiple of 16 x EBITDA.

This partial sale to Crédit Agricole Assurances allows TotalEnergies to
accelerate project cash flows and improve the return on invested capital, in
line with its business model for renewable energy development.

TotalEnergies’ teams will continue to ensure the asset management, operation
and maintenance of the 29 power plants. They will provide enough energy for
200,000 people and will prevent the emission of some 96,000 tons of CO(2) per
year for thirty years.

“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 GW of renewable generation capacity by 2025,” said Vincent Stoquart,
Senior Vice President, Renewables at TotalEnergies.

"This transaction is in line with our strategy as a long-term institutional
investor in the acceleration of renewable energies, in favor of the energy
transition and a low-carbon economy. In line with the Crédit Agricole Group's
climate commitments, this transaction will increase our investments in
renewable energies and help us reach an installed capacity of 14 GW by 2025,"
said Florence Barjou, Head of Investments at Crédit Agricole Assurances.

****

TotalEnergies and renewable electricity

As part of its ambition to get to net zero by 2050, TotalEnergies is building
a portfolio of activities in electricity and renewables. At the end 2022,
TotalEnergies' gross renewable electricity generation installed capacity is 17
GW. TotalEnergies will continue to expand this business to reach 35 GW of
gross production capacity from renewable sources and storage by 2025, and then
100 GW by 2030 with the objective of being among the world's top 5 producers
of electricity from wind and solar energy.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our more than 100,000 employees are committed to energy that is
ever more affordable, cleaner, more reliable and accessible to as many people
as possible. Active in more than 130 countries, TotalEnergies puts sustainable
development in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.

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About Crédit Agricole Assurance

Crédit Agricole Assurances, France's leading insurer, brings together the
insurance subsidiaries of Crédit Agricole. The Group offers a range of
savings, pension, health, personal protection and property insurance products
and services. They are distributed by the Crédit Agricole Group's banks in
France and in eight countries around the world, by wealth management advisors
and general agents. Crédit Agricole Assurances' companies cater to
individuals, professionals, farmers and businesses. Crédit Agricole
Assurances has 5,300 employees. Its premium income at the end of 2021 will
amount to 36.5 billion euros (IFRS standards).

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TotalEnergies

Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR 
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Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)

Crédit Agricole Assurances

Françoise Bololanik : + 33 (0)1 57 72 46 83 / 06 25 13 73 98 

Nicolas Leviaux : +33 (0)1 57 72 09 50 / 06 19 60 48 53

service.presse@ca-assurances.fr (mailto:service.presse@ca-assurances.fr)

Cautionary Note

This press release, from which no legal consequences may be drawn, is for
information purposes only. The entities in which TotalEnergies SE directly or
indirectly owns investments are separate legal entities. TotalEnergies SE has
no liability for their acts or omissions. The terms “Company” or
“TotalEnergies company” refer collectively to the company TotalEnergies SE
and the companies it controls directly or indirectly. Such terms are used
solely for the sake of convenience for purposes of the present communication.
Likewise, the words “we”, “us” and “our” may also be used to refer
to subsidiaries in general or to those who work for them. This document may
contain forward-looking information and statements that are based on a number
of economic data and assumptions made in a given economic, competitive and
regulatory environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TotalEnergies SE nor any of its
subsidiaries assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this document
whether as a result of new information, future events or otherwise.



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