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HomeLatest NewsTotalEnergies takes out the checkbook and buys 70% of Total Eren for...

TotalEnergies takes out the checkbook and buys 70% of Total Eren for 1,500 million

Date: June 16, 2024 Time: 01:41:54

TotalEnergies now has absolute control of Total Eren, a renewable subsidiary that was originally called Eren Re and in which until now it had the remaining 29.2% in an operation that represents an investment of around 1,500 million. The French oil company explained in a statement that Total Eren, valued in this transaction at 3,800 million, will be integrated into its renewable business unit and will mean an increase in the net result of the electricity operating sector of about 160 million next year.

The French firm has acquired the stake of Bpifrance, Tikehau Capital, Peugeot Invest and NextWorld after they entered in 2015 to help the company accelerate its pace of development, which was secured by other investments in 2017 and 2019, while TotalEnergies joined them in 2017. The company has started the trading session with losses, cutting 0.3% to 54 .63 euro.

Total Eren has assets in service representing 3.5 gigawatts worldwide and projects for solar, wind, hydro and energy storage plants of more than 10 gigawatts in 30 countries, of which 1.2 gigawatts are under construction or in an “advanced” stage of development. TotalEnergies insists that it intends to take advantage of the 2 gigawatts that this subsidiary operates in liberalized markets (especially in Portugal, Greece, Australia and Brazil) to “accelerate its strategy as an integrated player in the electricity markets.”

He also relies on the presence and capacity of Total Eren to develop projects in many other countries such as India, Argentina, Kazakhstan or Uzbekistan. Apart from the production of renewable energy, this subsidiary has embarked in recent years on green hydrogen projects in North Africa, Latin America and Australia, activities that will continue within an entity named TEH2 in which TotalEnergies will control 80% of the participation and the Eren group the remaining 20%.

TotalEnergies had a gross renewable electricity production capacity of 18 gigawatts at the end of March and its ambition is to reach 35 gigawatts in 2025 (including storage capacity) and 100 gigawatts in 2030. Its goal on that horizon is to be among the five largest global groups for the production of wind and solar energy.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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