TotalEnergies is pursuing its profitable growth in the renewable energy sector after announcing that it is buying out Total Eren’s other shareholders, increasing its stake from close to 30% to 100%.
The Total Eren teams will be fully integrated within TotalEnergies’ renewables business unit. The deal follows the strategic agreement signed between TotalEnergies and Total Eren in 2017, which grant-ed TotalEnergies the right to acquire all of Total Eren (formerly EREN RE) after a five-year period.
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.
Further to its activities as a renewable energy producer, Total Eren has launched green hydrogen projects in recent years, located in various regions, including as North Africa, Latin America, and Australia. These green hydrogen activities will be pursued through a new partnership in an entity named 'TEH2' (80% owned by TotalEnergies and 20% owned by EREN Group).
Patrick Pouyanné, Chairman & CEO of TotalEnergies, said: “With the acquisition and integration of Total Eren we are now opening a new chapter of our development.The expertise of its team and its complementary geographical footprint will strengthen our renewable activities.”
David Corchia, CEO of Total Eren, added: “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 green hydrogen production projects worldwide.”