Total Eren is an independent power producer that develops, finances, builds and operates renewable energy plants worldwide. Alongside local partners, the company is positioning itself in high-potential markets in regions with significant wind or solar resources and growing energy needs, particularly in Eastern Europe, Central Asia, Asia Pacific, Latin America and Africa. It has a diversified set of assets (wind, solar and hydroelectric) in operation or under construction representing a gross capacity of more than 1.6 GW at the end of 2018. FFP has invested in Total Eren through Zephyr Investissement, a joint venture with Tikehau Capital.
Stake in Total Eren
In October 2015, FFP, via its wholly owned subsidiary FFP Invest, 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 46.7%-owned by FFP and 53.3%-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, has a non-voting seat on Total Eren’s Board of Directors.
Total Eren continued to develop its projects in 2018. For example, it started construction work on the largest solar photovoltaic (PV) facility in the state of Victoria, Australia (257 MWp) and won new projects in Brazil, taking its gross capacity in operation or under construction in that country to 140 MWp. Also in 2018, Total Eren brought into service its first solar PV facility in Argentina, where it has 180 MWp of capacity in operation or under construction. The company significantly expanded its business in Eastern Europe and Central Asia in 2018, completing the development of a wind farm in Ukraine (250 MW) and starting work on a solar facility in Kazakhstan (28 MWp).
In February 2019, Total Eren announced that it had signed an agreement to acquire NovEnergia Holding Company, which has a portfolio of renewable energy assets (wind, solar and hydro), mostly located in Portugal but also in Italy, France, Spain, Bulgaria and Poland.
Gross capacity in 2018 (including projects under construction)
Gross capacity under development in 2018