Total: agrees to invest in EREN RE.
(CercleFinance.com) - Total has announced the signature of an agreement with EREN Renewable Energy (EREN RE), for an investment in this company that will enable it to accelerate its growth in the production of renewable electricity.
By subscribing 237.5 million euros to a capital increase, Total will take an indirect stake of 23% in EREN RE. The agreement also provides that the oil group may take control of the company in five years' time.
EREN RE has built up a diversified portfolio of wind, solar and hydraulic assets representing an installed gross capacity of 650 MW in operation or under construction worldwide. It targets a total installed capacity of over 3 GW in the next five years.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
By subscribing 237.5 million euros to a capital increase, Total will take an indirect stake of 23% in EREN RE. The agreement also provides that the oil group may take control of the company in five years' time.
EREN RE has built up a diversified portfolio of wind, solar and hydraulic assets representing an installed gross capacity of 650 MW in operation or under construction worldwide. It targets a total installed capacity of over 3 GW in the next five years.
Copyright (c) 2017 CercleFinance.com. All rights reserved.