Tuesday, 19 September 2017
Total will acquire an indirect interest of 23% in EREN RE by subscribing to a capital increase for an amount of €237.5 million, as the the French oil group looks to expand its capacity in the sector. As part of the deal, Total will have the option to take control of Eren after a period of 5 years.
Founded in 2012, EREN RE has developed a diversified asset base (notably wind, solar and hydro) representing a global installed gross capacity of 650 MW in operation or under construction. Its ambition is to achieve a global installed capacity of more than 3 GW within 5 years.
“Total integrates climate challenge into its strategy and is pursuing steady growth in low-carbon businesses, in particular in renewable energy. By partnering with EREN RE, we are leveraging a team that has a proven track record in renewable power production, and we are investing in an additional asset to accelerate our profitable growth in this segment, in line with our ambition to become the responsible en...