France’s Total Eren acquires 657 MW-strong NovEnergia

French renewables developer Total Eren SA today said it had acquired NovEnergia Holding Company (NHC), a Luxembourg-based independent power producer, absorbing its Southern European portfolio of 657 MW of total net installed capacity.

Financial details of the acquisition were not made public. Total Eren only said that NHC was worth over EUR 1 billion (USD 1.1bn) in enterprise value.

NHC has a portfolio of 47 fully operating assets comprising wind, solar and mini-hydro plants installed in Portugal, Italy, France, Spain, Bulgaria and Poland. About 70% of the assets are located in Portugal. Wind accounts for 78% of the total capacity, followed by solar with 17% and hydro power with 5%.

Following the acquisition, Total Eren now has renewables assets of over 2,200 MW in operation or under construction. On top of the newly acquired assets, the French company is developing 2,000 MW of projects on its own, aiming for a net installed capacity of more than 3 GW worldwide by 2022.

(EUR 1.0 = USD 1.12)

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