TotalEnergies to acquire remainder of Total Eren for EUR 1.5B

TotalEnergies announced that it is buying out Total Eren’s other shareholders, increasing its stake from close to 30% to 100%. The Total Eren teams will be fully integrated within TotalEnergies’ Renewables business unit. The deal follows the strategic agreement signed between TotalEnergies and Total Eren in 2017, which granted TotalEnergies the right to acquire all of Total Eren after a five-year period. As part of this transaction, Total Eren is valued at an Enterprise Value of EUR 3.8B based on an attractive EBITDA multiple negotiated in the initial strategic agreement signed in 2017. The acquisition of 70.8% represents a net investment of around EUR 1.5B for TotalEnergies. Total Eren’s integration should result in an increase in TotalEnergies’ Integrated Power net operating income of around EUR 160M and CFFO of around EUR 400M in 2024. Total Eren has 3.5 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. Total Eren will not only contribute high-quality operated assets, but also the expertise and skills of nearly 500 people based in more than 20 countries.