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Total Plans $500 Million Annual Investment in Renewable Energy

  • French oil company targets `fast growing' solar and biofuels
  • Total already owns majority stake in U.S. solar firm SunPower

Total SA plans to invest $500 million a year in renewable energy, a step by Europe’s second-largest oil and gas company to expand in biofuels and solar.

The French company said in a presentation to investors it wanted to take “advantage of fast growing renewable market” to build a profitable business.