TotalEnergies has sold 50% of a 234 MW portfolio of renewable projects to French insurance group Crédit Agricole Assurances.

The portfolio includes 23 solar projects with a capacity of 168MW and six wind farms with a capacity of 67MW.

The energy giant said the transaction implies an enterprise value of the portfolio of $300 million (£244m) (100%) equivalent to a multiple of 16 earnings before interest, taxes, depreciation and amortization (EBITDA).

Vincent Stoquart, Senior Vice President, Renewables at TotalEnergies, said: “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 4GW of renewable generation capacity by 2025.”