Total Eren is growing at a faster-than-expected rate and could exceed its 3.6 GW target for installed renewable energy capacity by 2022, according to CEO David Corchia. Total took a 23% stake in Eren two years ago for €237.5m ($265m) with the option of taking full control in 2022. Corchia said Eren took the risk of investing early in targeted countries, moving fast to build well structured projects with acceptable returns before other players crowded the market. Total has since increased its stake to 30%. The company said it would invest up to €500m into new wind farms over the next five years, including one that will be built on land owned by the French state near Bordeaux.
Total Eren is growing at a faster-than-expected rate and could exceed its 3.6 GW target for installed renewable energy capacity by 2022, according to CEO David Corchia. Total took a 23% stake in Eren two years ago for €237.5m ($265m) with the option of taking full control in 2022. Total has since increased its stake to 30%. The company said it would invest up to €500m into new wind farms over the next five years, including one that will be built on land owned by the French state near Bordeaux.