Source: Total Eren
French renewable independent power producer (IPP) Total Eren said on Monday that it had concluded the acquisition of NovEnergia, a southern European power firm, after the approval of all stakeholders and clearance from Portuguese regulators.
Total Eren said the deal will diversify its portfolio of renewable assets and expand its presence in Southern Europe.
NovEnergia has an installed capacity of nearly 670 MW in Portugal, Italy, France, Spain, Poland and Bulgaria. The company is one of the largest and most-important producers of renewable energy in Portugal.
Other bids for NovEnergia came from the north American Fund Contour Global and Finerge and from Datang, a Chinese state-owned energy firm.
Carlos Pimenta, one of the founders of NovEnergia said that the sale process was “very intense and competitive and that the value of the company, of its employees and growth potential, were all recognized by the winning bidder, and all main contestants”.
Total Eren did not disclose how much it paid for the deal, but said NovEnergia is valued at more than €1-billion in terms of its enterprise value.
It said NovEnergia will increase its asset base, reaching more than 2,200 MW of renewable energy power plants including solar, wind, hydro, in operation or under construction worldwide. It is targeting 3,000 MW by 2022.
French oil and gas major Total holds a 23% stake in Total Eren.
The acquisition marks Total's return to the Portuguese market after a decade away, having sold all its petrol stations to Spanish group, Cepsa.
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