TotalEnergies acquires Total Eren after five-year alliance
Published on: Jul 27, 2023
The acquisition will benefit the mobility company’s ambition to further its growth on the renewable energy sector.
TotalEnergies is buying out Total Eren’s other shareholders after partnering for five years. In an effort to continue its growth in the renewable energy sector, the mobility company is increasing its stake from nearly 30% to 100%.
The Total Eren teams will be fully integrated within the firm’s Renewables business unit. The deal follows the strategic agreement signed between both parties in 2017, which granted it the right to acquire all of Eren after a five-year period.
The company’s integration should result in an increase in TotalEnergies’ Integrated Power Net Operating Income of around €160 million and CFFO of around €400 million in 2024.
“Our partnership with Total Eren has been very successful, as shown by the size and quality of the renewables portfolio. 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,” said Patrick Pouyanné, Chairman & CEO of TotalEnergies.
Total Eren has 3.5 GW of renewable capacity in operation worldwide and a solar, wind, hydroelectric and storage projects pipeline of over 10 GW in 30 countries. The company is set to contribute its assets but also the expertise and skills of nearly 500 people based in more than 20 countries.
