Total snaps up 23 per cent stake in renewable energy firm Eren

 
Courtney Goldsmith
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Behind The Scenes Of The Total Refinery In Antwerp
The French oil firm is moving further into the renewable energy sector (Source: Getty)

French oil major Total accelerated its growth into the renewable power sector with two new acquisitions today.

The firm has snapped up a 23 per cent stake in renewable firm Eren for €237.5m (£210.8m), and the agreement gives Total the option to take over control of the firm after five years.

Total also announced it had bought GreenFlex, a French company specialised in energy efficiency, for an undisclosed amount. The firm is forecasting 2017 revenues of more than €350m.

Read more: Oil major Total makes near €1bn wager on renewable energy

The acquisition of Eren will speed up Total's growth in solar energy and will move the company into the wind power market.

"The agreement with Eren RE is a major step towards our objective of achieving 5 GW of installed capacity in five years,” said Philippe Sauquet, president of gas, renewables and power at Total.

“In line with the group's integrated strategy along the oil and gas value chains, we are rebalancing our portfolio in renewables between the upstream manufacturing with SunPower and the downstream power production with Eren RE."

Sauquet added that GreenFlex is set to become a vital part of its move into the energy efficiency sector. "Total aims to make GreenFlex the linchpin of its growth in the energy efficiency industry in Europe," he said.

Read more: Total is buying Danish shipping giant Maersk's oil unit for $7.45bn

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