TotalEnergies takes over renewables entity Total Eren
COURBEVOIE, July 26, 2023 – TotalEnergies has bought out all shares of renewable energy company Total Eren for USD 1.66 billion, the French energy giant announced on Tuesday.
The move is part of the deal struck in 2017, which allows TotalEnergies to fully acquire its partner after a five-year period.
TotalEnergies will increase its almost 30% stake in the entity to 100%, with Total Eren being fully integrated into the energy giant’s renewables business unit.
The global renewables developer was valued at USD 4.2 billion in the transaction.
Total Eren has a portfolio of 3.5 GW of renewable projects worldwide. The company also has a 10-GW pipeline of solar, wind and hydroelectric projects in development stages, of which 1.2 GW are under construction or in late-stage development.
Additionally, Total Eren has launched green hydrogen projects in North Africa, Latin America and Australia, which will be pursued under a joint entity between TotalEnergies and EREN Group named TEH2. The companies will hold 80% and 20% shares in the new company respectively.
“Our partnership with Total Eren has been very successful, as shown by the size and quality of the renewables portfolio,” said Patrick Pouyanné, chairman and CEO of TotalEnergies.
“With the acquisition and integration of Total Eren, we are now opening a new chapter of our development as the expertise of its team and its complementary geographical footprint will strengthen our renewable activities and our ability to build a profitable integrated power player.”