France-based independent power producer Total Eren has signed a share purchase agreement to acquire NovEnergia, a southern European renewables company.
Luxembourg-incorporated Novenergia has amassed a portfolio spanning wind, solar and mini-hydro power plants, totalling 657MW of installed capacity across 47 operating assets, mainly in Portugal, Italy, France, Spain, Bulgaria and Poland.
NovEnergia is valued at more than €1bn.
Total Eren chairman Paris Mouratoglou said the NovEnergia acquisition strengthens the company’s footprint in Europe, complementing its existing presence in France, Greece and Italy.
Total Eren chief executive David Corchia added: “This transaction once more illustrates the support of our financial shareholders and their ability to analyse and approve large and complex transactions.
“We now have a significant presence in Southern Europe but, more importantly, the NovEnergia experienced and talented teams with us”.