After five years of partnership, French energy company TotalEnergies has bought the remaining interest in independent power producer Total Eren, increasing its stake from nearly 30% to 100%.

TotalEnergies will not fully integrate Total Eren into its renewables business. The transaction follows a strategic agreement between the two companies in 2017, which allowed TotalEnergies to take full control of Total Eren after a period of five years.

According to figures provided by the two companies, Total Eren is valued at €3.8 billion. The acquisition of the 70.8% stake represents a net investment of around €1.5 billion. The integration of Total Eren is expected to result in an approximately €160 million increase in the net operating income of TotalEnergies' Integrated Power segment in 2024.

Total Eren currently operates 3.5 GW of assets globally and possesses a diverse portfolio of more than 10 GW of solar, wind, hydroelectric, and storage projects across 30 countries. This includes nearly 1.2 GW under construction or in advanced stages of development.

TotalEnergies will leverage Total Eren's operational 2 GW assets in liberalized markets, notably in Portugal, Greece, Australia, and Brazil. In addition, TotalEnergies said it will capitalize on Total Eren's expertise to develop projects in countries like India, Argentina, Kazakhstan, and Uzbekistan.

Total Eren has also initiated green hydrogen production projects in North Africa, Latin America, and Australia. These projects will continue under a new partnership, led by an entity known as TEH2 (80% owned by TotalEnergies and 20% by the Eren group).