Total has signed an agreement with EDF ENR to acquire all of Tenesol’s operations outside of France’s overseas departments and territories, of which it already owns 50%. Tenesol’s operations in the French overseas departments and territories would continue to be equally owned by the Total Group and EDF ENR.
The planned acquisition covers all of Tenesol’s operations, with the exception of those in France’s overseas departments and territories, which employ more than 760 people in numerous countries and generated revenue of approximately €240 million in 2010.
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“This project confirms Total’s commitment to expanding rapidly in the photovoltaic solar energy industry,” said Philippe Boisseau, president of Total Gas & Power. “Completion of the deal would step up Tenesol’s international expansion by capitalizing on the expertise of its teams and strengthening synergies with Total’s other businesses.”
The acquisition, which is still in the planning stage, is subject to applicable legally required processes for notifying and consulting Tenesol employee representatives and the approval of the anti-trust authorities in the countries concerned. The closing of the transaction is expected to take place in the second half of this year.