December 5 (Renewables Now) - French oil and gas group Total SA (EPA:FP) has concluded the purchase of a 23% interest in EREN Renewable Energy (EREN RE) after receiving the needed approvals, the parties announced on Monday.
As agreed in mid-September, Total subscribed to a EUR-237.5-million (USD 281m) capital increase in order to acquire the shares. The transaction was cleared by the French competition authority in late November and by the involved stakeholders on December 1, at which date Total officially became an indirect investor in EREN RE.
The renewables company has now been renamed Total Eren.
The deal gives Total the right to acquire a majority stake in the business in 2022. During the five year period Total Eren will seek to reach a global installed capacity surpassing 3 GW. Presently it has over 650 MW of wind, solar and hydraulic assets in operation or under construction worldwide. When it comes to its solar farm business, Total Eren will focus on projects in emerging countries, the press statement says.
(EUR 1.0 = USD 1.185)