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Total buys 23 pct stake in EREN renewables group for 237.5 mln euros

 

 




By Reuters Staff

PARIS
Petroleumworld 09 20 2017

French oil major Total has agreed to buy a 23 percent stake in renewables energy company EREN RE for 237.5 million euros ($285 million), and said it could buy full control of the group.

Total said the deal formed part of its strategy to expand its solar energy and wind power business.

“EREN RE's momentum will allow us to accelerate our growth in solar energy and move us into the wind power market. The agreement with EREN RE is a major step towards our objective of achieving 5GW of installed capacity in 5 years,” said Philippe Sauquet, president of Total's gas, renewables and power units, in a statement.

$1 = 0.8338 euros

 



Reporting by Sudip Kar-Gupta from Reuters.

reuters.com
09 19 2017

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