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Oil major Total buys 23 percent stake in EREN renewables group for 237.5 million euros

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Oil major Total buys 23 percent stake in EREN renewables group for 237.5 million euros

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PARIS (Reuters) – French oil major Total has agreed to buy a 23 percent stake in renewables energy company EREN RE for 237.5 million euros (210.6 million pounds), and said it could buy full control of the group. Total said the deal formed part of its strategy to expand its solar energy and wind power business. “EREN RE’s momentum will allow us to accelerate our growth in solar energy and move us into the wind power market. The agreement with EREN RE is a major step towards our objective of achieving 5GW of installed capacity in 5 years,” said Philippe Sauquet, president of Total’s gas, renewables and power units, in a statement.

(Reporting by Sudip Kar-Gupta)
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