TotalEnergies has acquired a 100% stake in renewables company, Total Eren. The deal follows the strategic agreement signed between TotalEnergies and Total Eren in 2017, which granted TotalEnergies the right to acquire all of Total Eren after a five-year period.
The Total Eren team will be fully integrated within TotalEnergies’ renewables business unit. This should result in an increase in TotalEnergies’ net operating income of around €160 million for integrated power, and CFFO of around €400 million in 2024.
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, of which 1.2 GW are in construction or late-stage development. TotalEnergies will leverage Total Eren’s 2 GW assets in operation in merchant countries (notably Portugal, Greece, Australia, and Brazil) to build up its integrated power strategy.
TotalEnergies will also benefit from Total Eren’s footprint and ability to develop projects in other countries such as India, Argentina, Kazakhstan, or Uzbekistan.
‘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,’ says Patrick Pouyanné, chairman and CEO of TotalEnergies.
David Corchia, CEO of Total Eren, says: ‘This success belongs first to Total Eren’s teams around the globe. They will undoubtedly make a huge contribution to TotalEnergies’ highly ambitious plan in the renewable sector. Together […] we will continue creating and developing new companies for the energy transition and the planet’s decarbonisation, as well as, within our new promising partnership with TotalEnergies, the development of giant green hydrogen production projects worldwide.’
