TOTAL BUYS RENEWABLE
FT - Total has picked up a 23 per cent stake in renewable energy company Eren for €237.5m as the the French oil group looks to expand its capacity in the sector.
As part of the deal Total, which acquired an indirect stake by subscribing to a capital increase, will have the option to take control of Eren after a period of 5 years.
"By partnering with Eren, we are leveraging a team that has a proven track record in renewable power production, and we are investing in an additional asset to accelerate our profitable growth in this segment, in line with our ambition to become the responsible energy major," said Patrick Pouyanné, Chairman and CEO of Total.
Eren, which has a portfolio of wind, solar and hydraulic assets, will also will be renamed Total Eren upon completion of the transaction.
Total had signalled in July it was ready to make acquisitions and invest in new projects while global assets were still cheap and more recently agreed to buy $7.45bn of mature oil exploration and production assets from Danish conglomerate AP Moller-Maersk.
That deal highlighted the drive for consolidation in the European oil and gas industry, with companies managing the effects of lower oil prices by reducing their portfolios or seeking economies of scale.
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