Crédit Agricole Assurances Acquires 50% of Renewable Energy Portfolio from TotalEnergies

Crédit Agricole Assurances Acquires 50% of Renewable Energy Portfolio from TotalEnergies

(IN BRIEF) Crédit Agricole Assurances is acquiring 50% of a renewable energy portfolio from TotalEnergies with a total capacity of 234 MW, consisting of 23 solar power plants and 6 wind power plants. 25 of the power plants are already in operation and the remaining 4 will be commissioned in 2023. The acquisition will provide enough energy for 200,000 people and prevent 96,000 tons of CO2 emissions per year. The transaction values the entire portfolio at $300 million. This move aligns with Crédit Agricole’s commitment to the climate and TotalEnergies’ roadmap, solidifying Crédit Agricole Assurances’ role as a leading institutional investor in renewable energies.

(PRESS RELEASE) PARIS, 3-Feb-2023 — /EuropaWire/ —  Credit Agricole Group (EPA: ACA), the world’s largest cooperative financial institution and France’s 2nd largest bank, has announced that its subsidiary Crédit Agricole Assurances (CAA) has taken a major step towards its social project and commitment to sustainability with the acquisition of 50% of a portfolio of renewable energy projects from TotalEnergies. The portfolio consists of 29 power plants, including 23 solar and 6 wind, with a total capacity of 234 MW. Of these, 25 are already in operation with a capacity of 180 MW and 4 more with a capacity of 54 MW will be commissioned in the first half of 2023.

This acquisition will provide enough energy for 200,000 people and prevent the emission of approximately 96,000 tons of CO2 per year for the next thirty years. TotalEnergies will continue to manage, operate, and maintain the portfolio, ensuring the effective utilization of the renewable energy sources.

With this transaction, the entire portfolio is valued at approximately $300 million and demonstrates Crédit Agricole Assurances’ role as a leading institutional investor in renewable energy and its support for the energy transition. This acquisition aligns with TotalEnergies’ roadmap, making significant progress towards a more sustainable future.

“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 significantly 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.

About Crédit Agricole Assurances

Crédit Agricole Assurances is France’s leading insurer and comprises the insurance subsidiaries of Crédit Agricole. The group offers a range of savings, retirement, health, personal protection and property insurance products and services, which are distributed by Crédit Agricole Group banks in France and in eight countries worldwide by wealth management advisors and general agents. Crédit Agricole Assurances companies serve individual customers, the self-employed, farmers and businesses. Crédit Agricole Assurances has 5,300 employees. It reported 2021 revenues of €36.5 billion (IFRS).

www.ca-assurances.com

Crédit Agricole Assurances press contacts
Françoise Bololanik 33 (0)1 57 72 46 83 / +33 (0)6 25 13 73 98
Nicolas Leviaux +33 (0)1 57 72 09 50 / +33 (0)6 19 60 48 53
service.presse@ca-assurances.fr

SOURCE: Crédit Agricole