25 July 2023

TotalEnergies to buy remaining stake in clean energy company Total Eren for €1.5 billion

By acquiring the remaining 71% stake in Total Eren that it did not already own, TotalEnergies will secure complete ownership of the company, which operates 3.5 gigawatts of solar, wind and hydro projects and boasts future projects of more than 10 gigawatts. Total Eren was formed in 2017 through the merger of Total's solar and Eren Re's renewable energy businesses.

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TotalEnergies is a multinational energy corporation engaged in the production and distribution of various energy sources around the world. Its diverse portfolio includes oil and biofuels, natural gas and green gases, as well as renewables and electricity. The company has more than 100,000 employees and operates in 130 countries. Total Eren currently operates a total of 3.5 GW of renewable energy capacity worldwide and has an impressive pipeline of solar, wind, hydro and storage projects with over 10 GW of capacity spread across 30 countries. TotalEnergies expects an increase in net operating profit of approximately €160 million as a result of this integration.

In 2017, TotalEnergies made its first investment in Eren when it bought a 23% stake for €237.5 million. Over time, the company has further increased its stake and has approached a 30% shareholding. In addition, TotalEnergies has recently been actively expanding its renewable energy portfolio. In particular, it acquired a 50% stake in the US renewable energy development company Clearway Energy Group for USD 2.4 billion. In addition, TotalEnergies also acquired a significant 34% stake in Brazilian company Casa dos Ventos, with an investment of approximately USD 580 million.

With a clear vision for the future, TotalEnergies is committed to significantly expanding its renewable energy business. The company's goal is to reach a gross generation capacity of 35 GW from renewables and storage by 2025, followed by an ambitious target of 100 GW by 2030. This growth trajectory aims to position TotalEnergies as one of the world's top 5 wind and solar power producers.