Total’s Partnership with EREN Renewable Energy

Marval, O’Farrell & Mairal White & Case advised on the transaction

Total has signed an agreement with EREN RE to accelerate its growth in the production of power from renewable sources. Total will acquire an indirect interest of 23% in EREN RE by subscribing to a capital increase for an amount of €237.5 million. The agreement also gives Total the possibility to take over control of EREN RE after a period of 5 years.

Founded in 2012, EREN RE has developed a diversified asset base (notably wind, solar and hydro) representing a global installed gross capacity of 650 MW in operation or under construction. Its ambition is to achieve a global installed capacity of more than 3 GW within 5 years. The capital increase subscribed by Total will enable EREN RE to cover its financing needs to accelerate its development in the coming years.

The completion of this transaction remains subject to the approval of the relevant competition authorities.

Total’s stake in EREN RE complements the Group’s portfolio of renewable energy businesses. In particular, EREN RE, which will be renamed Total Eren upon completion of the transaction, will allow the Total to enter the wind power generation segment. Development of EREN RE’s solar farm business will be mainly focused on emerging countries where the demand for electricity is growing.

Marval, O’Farrell & Mairal advised Total with Pablo García Morillo (Picture), Francisco Macías, Gonzalo Santamaría, Juan Agustín Lentini, Jimena Montoya and Gabriel Fortuna.

White & Case advised EREN Renewable Energy with Guillaume Vallat (Picture) Thomas Le Vert, Orion Berg, Noémie Baroux and Julien Etchegaray.

Involved fees earner: Pablo García Morillo – Marval, O’Farrell & Mairal; Juan Agustin Lentini – Marval, O’Farrell & Mairal; Francisco Macias – Marval, O’Farrell & Mairal; Gonzalo Santamaría – Marval, O’Farrell & Mairal; Jimena Montoya – Marval, O’Farrell & Mairal; Guillaume Vallat – White & Case; Thomas Le Vert – White & Case; Noémie Baroux – White & Case; Julien Etchegaray – White & Case; Orion Berg – White & Case;

Law Firms: Marval, O’Farrell & Mairal; White & Case;

Clients: Total; EREN Renewable Energy;

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Author: Ambrogio Visconti.