Investment presentation Total Eren
www.eren-groupe.com

Activity

Total Eren (formerly Eren Renewable Energy) was founded by Pâris Mouratoglou and David Corchia and is based in Paris. It is acknowledged to have unique expertise in the renewable energies sector. Working with exclusive local partners, the company is establishing positions in high-potential emerging-market countries, in geographical areas that have major wind or solar resources and are seeing growing energy demand.

Since 2012, Total Eren has put together a diverse portfolio of assets (wind, solar and hydro) around the world, representing a gross capacity of more than 910 MW in operation or under construction at 31 December 2017. Total Eren is also developing a number of projects with a total gross capacity of 1.5 GW in Asia-Pacific, Africa and Latin America, and intends to achieve overall net installed capacity of at least 3 GW by 2023.

The company carried out a capital increase of almost €100 million in 2017 – drawing the second tranche of the fundraising arranged in 2015 – and Total acquired a 23% indirect stake by subscribing a €237.5 million capital increase. The agreement between Total and EREN Renewable Energy – which involved the company being renamed Total Eren – also provides that Total may take control of the company after a 5-year period.

FFP's Investment

In October 2015, FFP, via its wholly owned FFP Invest subsidiary, committed to invest €28 million as part of Total Eren’s €195 million fundraising. The first €14 million tranche of FFP’s commitment was drawn in 2015 and the second €14 million in May 2017.

FFP Invest is party to a shareholder agreement. FFP Invest’s investment is taking place through a joint venture with Tikehau Capital, called Zéphyr Investissement, which owns 9.5% of Total Eren. Zéphyr Investissement is 47%-owned by FFP and 53%-owned by Tikehau Capital.

The value of Total Eren for the purpose of Net Asset Value was estimated using FFP’s policies for valuing unlisted assets. Zéphyr Investissement is accounted for under the equity method in the consolidated financial statements.

FFP Invest, represented by Marie Ahmadzadeh, is a non-voting director of Total Eren.

Update at 2017 December 31st