Petroleum product manufacturer Total has become an indirect shareholder in Total Eren, formerly called Eren Renewable Energy, with a 23% interest.
This follows approval of the transaction by the French competition authorities, as well as the consent of all involved stakeholders.
Total in September announced it would buy a 23% stake in Total Eren for $285-million.
Total Eren has a global portfolio of wind, solar and hydraulic assets, representing an installed gross capacity of more than 650 MW in operation or under construction.
“Total Eren’s aim is to achieve a global [net] installed capacity of more than 3 GW by 2022 and the capital increase subscribed by Total represents an important milestone towards the achievement of this objective,” Total Eren said in a statement on Monday.
Total Eren will focus its efforts on emerging countries where the demand for electricity is growing.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
EMAIL THIS ARTICLE SAVE THIS ARTICLE
ARTICLE ENQUIRY
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
