Total Acquires 23% Interest in Renewable Energy Company Eren
19 Septiembre 2017 - 3:33AM
Noticias Dow Jones
By Marc Bisbal Arias
Total SA (FP.FR) said Tuesday it has agreed to acquire an
indirect interest of 23% in Eren Renewable Energy S.A. in an effort
to accelerate growth in its production of power from renewable
sources.
Total will subscribe to Eren's capital increase for 237.5
million euros ($284.8 million), in a deal that also gives it the
possibility to take control of Eren after five years. The capital
increase will help Eren cover its financing needs to accelerate its
development in the coming years, Total said.
The deal remains subject to the approval of competition
authorities, Total said.
Eren, founded in 2012 and with an asset base including wind,
solar and hydro energy, will be renamed Total Eren upon completion
of the deal. It has global installed gross capacity of 650
megawatts in operation or under construction.
The transaction gives Total access to the wind power generation
segment. Development of Eren's solar farm business will mainly
focus on emerging countries, where the demand for electricity is
growing, the company said.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
September 19, 2017 04:18 ET (08:18 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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