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Total Partners With EREN Renewable Energy to Expand Its Renewable Business
Total has signed an agreement with EREN RE to accelerate its growth in the production of power from renewable sources.
Total will acquire an indirect interest of 23% in EREN RE by subscribing to a capital increase for an amount of €237.5 million. The agreement also gives Total the possibility to take over control of EREN RE 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. The capital increase subscribed by Total will enable EREN RE to cover its financing needs to accelerate its development in the coming years.
Total's stake in EREN RE complements the Group’s portfolio of renewable energy businesses. In particular, EREN RE, which will be renamed Total Eren upon completion of the transaction, will allow the Total to enter the wind power generation segment. Development of EREN RE's solar farm business will be mainly focused on emerging countries where the demand for electricity is growing.
Total has been active in solar energy since 2011 as the majority shareholder in SunPower. In 2017, the Group also set up its own affiliate, Total Solar, in order to develop solar power plants in developed countries and distributed solar systems for industrial and commercial customers (B2B). SunPower will focus its development activities on distributed generation in the B2C and B2B markets in the United States.