The European Commission (EC) has authorised, under the EU merger regulations, Total to acquire the Spain-based EDP Comercializadora. According to the EC, the proposed concentration would not give rise to competition concerns as the overlaps between the companies' activities are very limited.
In May 2020, Total acquired assets of Energías de Portugal (EDP) in Spain for €515m, including 2.5 million B2C customers and two gas-fired combined cycle power plants, with a total capacity of 850 MW. The portfolio of around 2.5 million residential electricity (21 TWh) and gas (27 TWh) contracts comprises around 2.1 million held by EDP Commercializadora (100% EDP) and around 0.4 million by CHC, a joint venture between EDP and CIDE, the latter transaction being subject to CIDE agreement. The transaction is subject to conditions and regulatory approvals and is expected to close by end-2020.
In February 2020, Total entered Spain’s solar industry with two agreements to develop nearly 2 GW of solar projects. The group, through its subsidiary Total Solar International, plans to buy 100% of a portfolio of solar PV projects developed by Solarbay in Andalusia, Aragon and Castilla-La Mancha, with a combined capacity of 1.2 GW. In addition, Total Solar International intends to create a joint venture with Powertis (65% Total, 35% Powertis) to develop solar PV projects in Spain; Powertis will bring its pipeline of 800 MW portfolio of projects into the joint venture.