PARIS (Reuters) - French energy group Total TOTF.PA has agreed to buy Global Wind Power France for an undisclosed sum, it said on Friday, as it steps up investment in the renewable energy sector.
Total said that Global Wind Power France had a 1,000 megawatt (MW) portfolio of onshore wind projects, including 250 MW scheduled to come on stream by 2025.
The deal “confirms Total’s ambition to be one of the main players on France’s renewables market”, Philippe Sauquet, Total’s president for gas, renewables and power, said in a statement.
The acquisition through its Total Quadran subsidiary will add to its existing portfolio of nearly 1000 MW of installed and operated capacity, including more than 500 MW of onshore wind, Sauquet said.
The wind power deal is Total’s second in as many days. On Thursday, it had reached agreement with Simply Blue Energy to acquire 80% of the Erebus floating wind project in the Celtic Sea.
Total has said it plans to invest about $2 billion (1.73 billion pounds) annually in low-carbon energy and increase its generation capacity to about 25 gigawatts (GW) by 2025, from around 3 GW currently.
Reporting by Sudip Kar-Gupta and Bate Felix; Editing by David Goodman
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