Total goes on renewables shopping spree

Maersk Oil's future owner is now focusing on renewables with the acquisition of an energy efficiency company and a major investment in solar and wind projects.

Photo: /ritzau/AP/Olga Maltseva

France's Total is increasing its focus on renewable energy. The oil company is taking over 23 percent of the French project developer Eren by means of an investment of EUR 237.5 million, while Total will also buy Greenflex, an energy efficiency company, for an undisclosed amount, announces the company in two separate press releases.

"Total integrates climate challenge into its strategy and is pursuing steady growth in low-carbon businesses, in particular in renewable energy," says Patrick Pouyanné, Chairman and CEO of Total, about the investment in Eren.

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