EC okays TotalEnergies’ buyout of Total Eren

The European Commission (EC) has given the go-ahead to French oil and gas giant TotalEnergies SE’s (EPA:TTE) plan to acquire the remaining 70% stake in domestic renewables-focused independent power producer (IPP) Total Eren.

The unconditional nod was granted as the EU merger watchdog has ruled that the proposed transaction is not expected to harm competition given its very limited impact on the structure of the market, a statement said on Wednesday.

TotalEnergies late last year announced that it has decided to exercise its option to buy the rest of Total Eren in 2023. The French oil and gas firm took an initial 23% stake in the business in 2017.

Set up in 2012, Total Eren develops and operates renewable energy power plants and has assets in operation or under construction with a gross capacity of more than 3.7 GW worldwide. Other shareholders in the business include Bpifrance, Tikehau Capital, Next World Group and Peugeot Invest, according to the company’s website.

The financial details of the buyout deal are not disclosed.

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