French oil major Total has sold a 50 per cent stake in a 143 MW portfolio of renewable energy assets in France to help it finance the construction of new wind and solar energy assets.
Total’s subsidiary, Total Quadran, has signed an agreement with Banque des Territoires to sell the stake in the portfolio, consisting of 11 wind farms and 35 solar power plants. Total is aiming to continue its expansion in renewable energy and says that the funds from the sale will help finance its 500 MW development pipeline.
The long term, Total is planning to expand its renewable energy portfolio to 25 GW globally by 2025. It currently operates more than 300 renewable energy plants in France with a total capacity of 900 MW.