The French oil and gas group TotalEnergies has announced the acquisition of the totality of its renewable partner Total Eren, increasing its stake in the company from 29.2% to 100%. Total Eren is valued at €3.8bn and the acquisition of 70.8% of the renewable company’s shares represents a net investment of around €1.5bn for TotalEnergies.
Total Eren will be fully integrated within TotalEnergies’ Renewables business unit. The deal follows the agreement signed between the company and Total Eren in 2017, which granted TotalEnergies the right to acquire the entirety of Total Eren (formerly EREN RE, part of EREN Groupe) after a five-year period.
Total Eren currently has 3.5 GW of renewable capacity in operation worldwide, and it has a solar, wind, hydroelectric and storage projects pipeline of over 10 GW in 30 countries, of which 1.2 GW are in construction or late-stage development.
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