Total and EREN Renewable Energy (EREN RE) received approval from the relevant authorities to finalize their strategic agreement signed in September 2017. As of December1 Total has become an indirect shareholder of EREN RE with an indirect interest of 23%. EREN RE has changed its name to Total Eren as of the same date.
Following the approval of the transaction by the French Competition Authority on November 23 along with the consent of all the involved stakeholders on December 1, the administrative requirements necessary for the strategic agreement to proceed were met according to schedule.
Present on five continents, Total Eren’s aim is to achieve a global 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. Following this five-year period, the agreement will provide Total with the opportunity to take control of Total Eren.
Total's stake in Total Eren complements the Total Group’s portfolio of renewable energy businesses. In particular, Total Eren allows Total to enter the wind power generation segment. Regarding the development of its solar farm business, Total Eren’s strategic priority is to focus on emerging countries where the demand for electricity is growing.