By Giulia Petroni

Total SE said Tuesday that it is selling half its equity in two French renewables portfolios to Banque des Territoires and Credit Agricole Assurances.

The French oil-and-gas major said the portfolios in full have a total capacity close to 340 megawatts and are valued at around $600 million.

Banque des Territoires will acquire a 50% stake in a portfolio of eight solar farms in the French territory of New Caledonia, while Credit Agricole Assurances a 50% stake in a portfolio of nine wind farms and 44 solar power plants.

"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 of Renewables at Total.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

February 23, 2021 02:43 ET (07:43 GMT)