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Total Eren finalises the acquisition of NovEnergia Holding Company

Power News - Published on Thu, 18 Apr 2019

Image Source: INCORE
Total Eren, a leading renewable energy Independent Power Producer based in Paris, is pleased to announce the closing of the acquisition of NovEnergia Holding Company a Southern European Independent Power Producer. This follows the signature of a shares purchase agreement related to the shares of NHC in February. Following the consent of all the involved stakeholders on 20th February 2019 along with the approval of the transaction by the Portuguese Competition Authority on 28th March 2019, the administrative requirements necessary for the closing of the acquisition are now completed. Through this operation, Total Eren diversifies its portfolio of renewable energy assets, significantly increasing its presence in Southern Europe. NHC brings a total gross installed capacity of 669 MW (657 MW net) with 47 fully operating assets installed in Portugal, Italy, France, Spain, Poland and Bulgaria. NHC benefits from a strong management team with a longstanding track-record in the renewable energy sector. The Company is valued at more than EUR 1 billion (corresponding to the enterprise value).

With this acquisition, Total Eren enhances considerably its asset base, reaching more than 2,200 MW of renewable energy power plants (solar, wind, hydro) in operation or under construction worldwide. In addition, the Company holds more than 2,000 MW of projects currently under development. Total Eren is active across the globe, with more than 50 power plants in Europe, Central Asia, Asia Pacific, Latin America, and Africa.

Total Eren's core business and strategy remain the same: as an IPP and a long-term investor, the Company aims to achieve a global net installed capacity of more than 3 GW by 2022 on top of NovEnergia power plants.

Paris Mouratoglou, Chairman of Total Eren, stated: "We are delighted to finalise this major acquisition and to welcome the NovEnergia teams within Total Eren. This milestone represents a turning point in our history. It enables us to further diversify our portfolio and to substantially expand our presence in Europe.”

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Posted By : Sanju Moirangthem on Thu, 18 Apr 2019
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