Total Takes Control of Renewables Firm for $1.66 Billion
- Deal will lift TotalEnergies’s cash flow by €400 million
- Eren Groupe will use proceed to invest in hydrogen, nuclear
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TotalEnergies SE agreed to buy the remaining shares in French clean-power developer Total Eren for €1.5 billion ($1.66 billion) from Eren Groupe SA and a group of financial investors, boosting the oil major’s foray into renewable energy.
Chief Executive Officer Patrick Pouyanne has pledged to spend $5 billion this year on low-carbon energies — almost a third of total capital expenditure — as the company reduces its exposure to petroleum with ongoing sales of Canadian oil-sands assets and some of its European service stations.