EC greenlights TotalEnergies' move to create renewables JV in Turkey

A recent agreement between French energy major TotalEnergies SE (EPA:TTE) and Turkey’s Ronesans Holding to exercise joint control of Ronesans’ Ankara-based renewables entity has received regulatory approval by the European Commission (EC).

Just over a month ago, TotalEnergies announced a deal to acquire a 50% stake in Ronesans Enerji from the Turkish diversified holding in a bid to gain co-control of the entity. Ronesans Enerji owns a 166-MW portfolio of hydropower plants and a pipeline of more than 700 MW of wind, solar and battery storage projects, as stated at the time.

The EC said on Wednesday it had approved the acquisition under the EU Merger Regulation, after concluding that the deal would not raise competition concerns given its very limited impact on the European Economic Area.

The TotalEnergies-Ronesans joint venture (JV) will be targeting 2 GW of renewables by 2028. Under the plan, the partners will build renewable power plants and sell their future output directly on the electricity market or via power purchase agreements (PPAs).

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