Oil giant Total strengthened its renewables presence with a deal to acquire NovEnergia, a wind, solar and hydro-focused independent power producer.
Total Eren, the French group’s minority-owned renewable energy operation, will pay an undisclosed sum for the IPP, which is valued at more than €1bn ($1.13bn).
NovEnergia has a net installed capacity of 657MW across 47 assets, spanning Portugal, Italy, France, Spain, Bulgaria and Poland.
Total Eren chairman Pâris Mouratoglou claimed the deal “underlines how Total Eren successfully achieved to establish itself as a leading industrial player in the renewable energy sector in less than seven years of existence”.
Total has accelerated its push into clean energy over recent years, most recently through its decision to enter the offshore wind sector for the first time via a joint bid for French capacity off Dunkirk.