Total closes €1.4 billion deal for Direct Energie

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Source: Total.

French energy major Total has completed the acquisition of a 73.04% stake in gas and renewable power provider Direct Energie. The deal is worth in the region of €1.4 billion (US$1.65 billion).

The closing of the deal, which was lodged in April, has also triggered a mandatory offer for the remaining shares in Direct at the same price of €42 per share. That values Direct at just over €1.9 billion.

Direct Energie has an installed base of 800MW in gas-fired power plants and 550MW of renewable energy. 

“This operation allows us to accelerate our integration downstream along the full gas and power value chain and to reach critical mass in the French and Belgian markets where we are growing fast,” said Patrick Pouyanné, chairman and CEO of Total. The firm has had a majority stake in module manufacturer Sunpower since 2011.

Oil majors from Total and BP to Statoil and DONG have recently invested in the power sector, particularly renewables.

This story previously claimed that Direct Energie was the parent company of French developer Neoen. 

Read Next

December 1, 2021
Major US bank Wells Fargo has closed its maiden tax equity investment into a colocated solar-storage project currently under construction in New Mexico, US.
December 1, 2021
Tech major Amazon has added a further 2GW to its committed utility-scale solar PV capacity, adding projects in the US and Europe to its renewables portfolio.
November 30, 2021
Solar EPC company iSun is investing in US commercial PV project developer Encore Renewable Energy as part of efforts to accelerate its geographic expansion.
November 30, 2021
‘Solar Module Super League’ (SMSL) member Canadian Solar has raised US$150 million through a share offering, with proceeds set to help the manufacturer expand its energy storage arm.
November 29, 2021
A round-up of the latest project news from across the world, including Masdar’s plans to develop solar in Armenia, TotalEnergies completing its largest project in France and Shikun & Binui expanding its US energy portfolio.
November 25, 2021
Assurance and risk management provider DNV is acquiring cyber security firm Applied Risk as it looks to build a security practice focused on defending industrial assets against emergent cyber threats.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal