Total Energy Acquires All Shares Of Total Eren

TotalEnergies has increased its stake in Total Eren from 30% to 100%, valuing the independent power producer at €3.5 billion ($3.8 billion).

Total Energy, the French energy company, has bought the remaining shares in Total Eren, the independent power producer, after a five-year tie-up, increasing its stake from almost 30 per cent to 100 per cent.

Total Energy will not fully integrate Total Eren into its renewable energy business. This is a follow-up to the strategic agreement reached between the two companies in 2017, under which Total Energy can take full control of Total Eren after five years.

Total Eren is valued at 3.8 billion euros, according to data provided by the two companies. The acquisition of 70.8% of its shares represents a net investment of around €1.5 billion. The integration of Total Eren is expected to increase the net operating income of Total Energy's integrated power division by approximately €160 million in 2024.

Total Eren currently operates 3.5 GW of assets worldwide. It has more than 10 GW of solar, wind, hydro and energy storage projects in 30 countries around the world, including nearly 1.2 GW under construction or in advanced stages of development.

Total Energy will leverage Total Eren's 2 GW of operating assets in liberalized markets, particularly in Portugal, Greece, Australia and Brazil. In addition, Total Energy said it will also use Total Eron's expertise to develop projects in countries such as India, Argentina, Kazakhstan and Uzbekistan.

In addition, Total Eren has launched green hydrogen production projects in North Africa, Latin America and Australia. Under the new partnership, these projects will continue to be led by an entity called TEH2 (80% owned by Total Energy and 20% owned by Elen).