TotalEnergies has announced its purchase of renewable company, Eren, increasing its share from 30% to 100%.
This move is significant because Total Eren is now valued at €3.8 billion. A statement from TotalEnergies also said the latest acquisition of 70,8%represents a net investment of around €1.5 billion for the company.
TotalEnergies joins other large renewable companies in the world, such as United Kingdom based RES, American General Electric Company (GE) and others. The revenue of GE is $75. 07 billion, and a net income of – $5.84 billion. Spain company Iberdrola SA has a revenue of $53 billion and a net income of $4.99 billion.
According to Allied Market Research, the global renewable energy market was valued at $881.7 billion in 2020 and is projected to reach $1,997.6 billion by 2030.
Patrick Pouyanné, Chairman & CEO of TotalEnergies, said “with the acquisition and integration of Total Eren, we are now opening a new chapter of our development as the expertise of its team and its complementary geographical footprint will strengthen our renewable activities and our ability to build a profitable integrated power player.”
Total Eren has 3.5 Gigawatts (GW) of renewable capacity in operation worldwide and a solar, wind, hydroelectric and storage projects pipeline of over 10 GW in 30 countries, of which 1.2 GW are in construction or late-stage development.