EurOil: TotalEnergies takes full control of Total Eren to boost renewables portfolio

French multinational energy company TotalEnergies revealed on July 25 that it will acquire complete control of joint venture Total Eren.

The move signals TotalEnergies’ desire to diversify its energy holdings and increase its portfolio of green energy assets.

Previously, TotalEnergies had held a 30% stake since 2017 in Total Eren, which is valued at an enterprise value of €3.8bn and has a workforce spread across 20 countries. TotalEnergies will buy out investors Bpifrance, Tikehau Capital, Peugeot Invest and NextWorld.

Total Eren possesses 3.5 GW of renewable capacity in operation across a handful of industries including solar, hydroelectric, wind and battery storage. The company also has a pipeline of more than 10 GW, of which 1.2 GW are either under construction or in late-stage development.

In particular, the deal gives TotalEnergies increased exposure in the renewables sector in emerging markets, given Total Eren’s large footprint in countries such as India, Argentina, Uzbekistan and Kazakhstan.

Similarly, in Africa, Total Eren has a number of projects with more than 150 MWp of installed capacity on the continent spread across Egypt, Uganda and Burkina Faso. Moreover, the company is in the midst of developing projects in eight other African countries, namely South Africa, Zimbabwe, Zambia, Tunisia, Morocco, Mauritania, Senegal and Tanzania.

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