France: Following consent from European Association controllers in April, TotalEnergies has finished its arranged obtaining of sustainable power player Complete Eren by purchasing out the organization's different investors and expanding its situation from an earlier 29% offer to 100 percent. According to the firm, the purchase of the remaining 70.8% of Total Eren implies a net investment for TotalEnergies of about €1.5 billion ($1.7 billion).

With Eren Groupe retaining the remaining portion, Total Eren, in which TotalEnergies initially acquired a stake in 2017, has so far installed around 3.5 gigawatts of renewable energy capacity globally, more than half of which are in nations of particular interest to the French multinational.

According to a statement from TotalEnergies, the business has a pipeline of over 10 GW worth of solar, wind, hydropower, and energy storage projects in 30 countries, with 1.2 GW of those projects now under construction or in late stages of development. This will increase the capacity of TotalEnergies' own renewable energy portfolio, which at the end of 2022 had a total capacity of 17 GW for gross renewable energy.

To develop its own integrated power strategy, TotalEnergies will make use of Total Eren's 2 GW of operational assets in trading nations, including Portugal, Greece, Australia, and Brazil. Additionally, it noted, it will gain from Total Eren's reach and capacity to create projects in nations like India, Argentina, Kazakhstan, and Uzbekistan.

According to Patrick Pouyanne, chief executive of TotalEnergies, With the acquisition and integration of Total Eren, now opening a new chapter of development as its team and its expansive geographical coverage will enhance renewable initiatives and strengthen its capability to establish a lucrative integrated power entity.

The two organizations plan on continuing their collaboration, particularly by developing wind and solar giga-projects dedicated to production of Green Hydrogen, according to a statement from Paris-based Eren Groupe.

The chairman of Eren Groupe, Paris Mouratoglou, made the following statement regarding the Total Eren acquisition: The new structure within TotalEnergies has everything it needs to maintain this momentum and become the industry leader.

Co-founder and CEO of Total Eren David Corchia continued, look forward to continuing Hydrogen journey with TotalEnergies, which has consistently supported development for almost six years.

Eren Groupe will be able to invest the proceeds from the sale in the following areas of the energy transition and decarbonization: thermal energy management in buildings, energy recovery from organic sludge and wastewater, biomass farming for gas and Green Hydrogen, and the implementation of new nuclear technologies.

The deal will boost TotalEnergies' 2024 net operating income by €160 million and cash flow from operations by €400 million. He said that the acquisition will value Total Eren at €3.8 billion.

Total Eren now has 3.5 GW of operational renewable power and a pipeline of 10 GW projects. Romeo said that the supermajor now fully owns its operating capacity, which includes 2 GW of assets in "merchant countries" including Portugal, Greece, Australia, and Brazil. Highlighted plans to build two 10 GW Green Hydrogen projects in Chile and Mauritania, all of which are scheduled to come online in 2028. This declaration comes after another one made by TotalEnergies on Monday regarding efforts to promote renewable energy in Turkey. To fund the Ronesans Group's renewable energy endeavours, the French supermajor and Turkey's top building contractor Ronesans Group signed a joint venture agreement.

The joint venture Ronesans Enerji, which TotalEnergies will own 50% of, already manages 166 MW of hydropower assets and has more than 700 MW of planned wind, solar photovoltaic, and battery storage capacity. By 2028, the energy division of the Ronesans business hopes to have 2 GW of renewable energy capacity. TotalEnergies stated in a statement regarding the agreement that the joint venture seeks to enter Turkey's "liberalized developing electrical market.