Total has signed an agreement with EREN Renewable Energy to accelerate its growth in the production of power from renewable sources. Total will acquire an indirect interest of 23% in EREN Renewable Energy.
Founded in 2012, EREN Renewable Energy has developed a diversified asset base (notably wind, solar and hydro) representing a global installed gross capacity of 650 MW in operation or under construction. Its ambition is to achieve a global installed capacity of more than 3 GW within 5 years.
Patrick Pouyanné, Chairman and CEO says “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!”