Energy giant TOTAL has made a further move into the renewable energy market today with the signing of a partnership agreement with EREN RE.
It is buying a 23% share in EREN RE, which owns an installed capacity of 650MW in clean energy projects, including wind, solar and hydro. The objective is to increase that five-fold in the next five years.
“Total integrates climate challenge into its strategy and is pursuing steady growth in low-carbon businesses, in particular in renewable energy. By partnering with EREN RE, 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. So we welcome to Total Eren into the Total Group.” said Patrick Pouyanné, Chairman and CEO of Total.
The new deal will work to deliver on the five-year ambition to reach an installed capacity of more than 3 GW globally, with EREN RE to be rebranded Total Eren once the deal has been completed.
“This strategic agreement allows us to join forces with a major energy player, with whom we share a strong desire for development in the renewable energy sector and an ambitious long-term vision. Our positioning is global and the Total Group’s strength in international markets represents a tremendous accelerator,” added Pâris Mouratoglou, Chairman of EREN RE.