Crédit Agricole Assurances, the insurance arm of the international financial and investment group Crédit Agricole, has revealed its purchase of a 30% ownership stake in the French renewable energy portfolio of Innergex Renewable Energy. The transaction is valued at €128 million.
Innergex’s portfolio comprises 17 functional wind energy assets, generating a combined capacity of 324 MW, along with 9 MW of storage capability. Additionally, the portfolio encompasses an assortment of projects at different stages of development. The deal is projected to finalize in the latter half of 2023.
This acquisition is in line with Crédit Agricole’s energy transition vision unveiled in December 2022. The vision aims to expedite funding and investment in green energy and involves identifying renewable energy assets to transform Crédit Agricole Group into a renewable energy producer. As part of this initiative, a new business division was introduced to coordinate and enhance the company’s efforts and offerings related to energy transition.
Earlier this year, Crédit Agricole Assurances announced another significant move by purchasing a 50% stake in a 234 MW assortment of renewable energy projects in France from energy behemoth Total Energies. The transaction valued the portfolio at approximately $300 million.
Post-acquisition, Innergex will continue to oversee portfolio management, encompassing project development, construction, and operation. The proceeds from this investment will be channeled towards reducing revolving credit facilities and financing forthcoming development endeavors in the coming years.
