Total Eren, a France-based Independent Power Producer (IPP), announced that it has signed a shares purchase agreement for the acquisition of NovEnergia, a Southern European IPP.
Novenergia is a Luxembourg-based diversified renewable IPP, active in Southern Europe since 2001 and holds a diversified portfolio of wind, solar and mini-hydro power plants representing.
Novenergia has a total net installed capacity of 657MW and 47 fully operating assets. The company is mainly focused on six European markets, namely Portugal, Italy, France, Spain, Bulgaria and Poland.
The company said that Novenergia is valued at more than €1bn and benefits from a strong management in place with longstanding track-record in the renewable energy sector.
Total Eren chairman Pâris Mouratoglou said: “Acquiring the NovEnergia Holding Company deeply strengthens our footprint in the European market, where Total Eren already holds a historical and long-lasting presence in France, Greece and Italy.
“This new milestone underlines how Total Eren successfully achieved to establish itself as a leading industrial player in the renewable energy sector in less than seven years of existence.”
In January, Total Eren and NBT secured financing for the first phase of the 250MW Syvash wind farm in the Kherson region of Ukraine.
Developed by Norway-based NBT together with Total Eren, the Syvash wind farm represents €380m in total investment. The wind farm will be powered by 64 wind turbines and will be located on 1,300 hectares of land in the southern Kherson region in the country.
Once fully construction, the wind farm is expected to generate nearly 850GWh of clean electricity annually, which is enough to power about 100,000 households in the municipality of Rivne, while reducing carbon emissions by up to 470,000 tonnes per year.