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Renewables: TotalEnergies acquires 100% of Total Eren

TotalEnergies expands its footprint in renewable energies with the acquisition of Total Eren for 1.5 billion euros, consolidating its position as a major player in green electricity with a diversified portfolio of solar, wind, hydro and green hydrogen projects worldwide.

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On Tuesday, TotalEnergies announced the €1.5 billion purchase of the entire share capital of Total Eren, a company formed in 2017 from the combination of Total’s solar activities and those of Eren Re.

TotalEnergies expands its renewable energy portfolio with the acquisition of Total Eren

“Pursuing its profitable growth in renewable electricity, TotalEnergies today announces the acquisition of the entire share capital of Total Eren, raising its stake from nearly 30% to 100%,” says the French group in a statement, adding that the 70% acquisition “represents a net investment of around 1.5 billion euros”.

“We are opening a new chapter in our development. Total Eren’s expertise and presence in geographical areas that complement our own will strengthen our renewable activities and our ability to become a profitable, integrated electricity player,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies, quoted in the press release.

The deal follows the strategic agreement reached between the two companies in 2017. It provided for TotalEnergies to take control of Total Eren at the end of a five-year period. Valued at 3.8 billion euros, Total Eren has 3.5 GW of active assets worldwide. It has a diversified portfolio of solar, wind, hydro and storage projects of over 10 GW in 30 countries, according to the press release. The company has also launched green hydrogen projects in regions such as North Africa, Latin America and Australia.

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