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Total gains momentum in renewable energy sector

4th December 2017

By: Anine Kilian

Contributing Editor Online

     

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Petroleum product manufacturer Total has become an indirect shareholder in Total Eren, formerly called Eren Renewable Energy, with a 23% interest.

This follows approval of the transaction by the French competition authorities, as well as the consent of all involved stakeholders.

Total in September announced it would buy a 23% stake in Total Eren for $285-million.

Total Eren has a global portfolio of wind, solar and hydraulic assets, representing an installed gross capacity of more than 650 MW in operation or under construction.

“Total Eren’s aim is to achieve a global [net] installed capacity of more than 3 GW by 2022 and the capital increase subscribed by Total represents an important milestone towards the achievement of this objective,” Total Eren said in a statement on Monday.

Total Eren will focus its efforts on emerging countries where the demand for electricity is growing.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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