Daily Management Review

European Oil Major Total Expands Its Footprint Into Renewables


09/19/2017


The glut in the global oil pool which resulted in oil prices touching rock bottom have put enormous pressures on oil companies. European oil companies are now increasingly expanding into renewable energy sources as they seek out new sources of revenues for the future.



On Tuesday, oil major Total announced its plan of expanding into the renewable energy sector.
Total said it was buying a 23% stake in EREN RE, a renewables company, for 210.29 million pounds (237.5 million euros), with later plans to acquire a full control of the business.
Total also disclosed its acquisition of Greenflex, a French company which specialises in finding ways to use energy more efficiently and which forecast its 2017 revenues to more than 350 million euros.
Although Total did not disclose the amount it paid for this acquisition, it however did state that the deal was part of its strategy to expand into solar energy and the 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 5 GW (gigawatts) of installed capacity in 5 years,” said Philippe Sauquet, president of Total’s gas, renewables and power units, in a statement.
Sauquet went on to add, Total wants GreenFlex to be the “linchpin of its growth in the energy efficiency industry in Europe.”
Incidentally, some of the biggest oil companies in Europe have been under intense pressure on account of low oil prices in the last two years. This has resulted in their migration to renewable energy sources as a new revenue source.
In 2016, Total’s start-up ventures unit had acquired a stake in United Wind, a wind turbines company. Last year also saw Total announce plans for the installation of 5,000 solar panels at its service stations.
 
 
References:
http://uk.reuters.com







Science & Technology

Hundreds Of Thousands Of Routers Have Been Hacked By Russians, Warns The FBI

Chinese Study Claims Heart Diseases Can Be Reduced By Having An Egg A Day

Asteroid mining: Reality or fiction?

3D Printing Used For Life Saving Kidney Transplant In Two Year Old At U.K. NHS

California to require solar panels for new homes by 2020

Blockchain Enables De Beers To Track Diamond From The Miner To The Retailer

Microsoft releases Windows 10’s April 2018 Update

DNA Sequencing Project Proposed For All Complex Life Forms On Earth By An Int’l Team

Facebook may start production of its own microprocessors

Long-Term Alcohol Monitoring Could Be Possible With A New Injectable Chip Developed By U.S. Researchers

World Politics

World & Politics

The British government is trying to unblock money to pay off the national debt

Ministerial Visit From India To North Korea Aimed At Strengthening Ties

What countries are the biggest losers of Trump’s Iran decision?

World's Oldest Elected Prime Minister Is Malaysia’s 92 Year Old Mahathir Mohamad

Why Is U.S. Pulling Out Of The Iran Deal A Big Deal For The World

Merkel, Macron, May call on Iran to adhere to the nuclear deal

Arab Region Driven In ‘Wrong Direction’ In Last 10 Years, Say Arab Your: Survey

German doctors demand a tax on sugar