May 10, 2018 / 7:59 AM / 2 years ago

France's Total to buy 25 percent stake in Clean Energy Fuels Corp

The logo of Total is seen on the headquarters tower of French oil giant Total at La Defense business and financial district in Courbevoie, near Paris, France, December 18, 2017. REUTERS/Philippe Wojazer

PARIS (Reuters) - Total has agreed to buy up to 50.8 million shares in Clean Energy Corp for $83.4 million, becoming its largest stockholder with a 25 percent stake, the French energy company announced on Thursday.

Total will also provide $100 million in credit support for Clean Energy’s plan to launch a leasing program to place thousands of new natural gas heavy-duty trucks on North American roads by the third quarter of this year.

Clean Energy provides natural gas fuel and renewable natural gas fuel for transportation in North America with a network of over 550 stations.

“Total believes there is a strong development opportunity in the natural gas for transportation market in particular in the United States which benefits from unique, giant low-cost gas resources,” Total Chief Executive Patrick Pouyanne said in a statement.

The deal is in line with Total’s strategy to expand its low carbon businesses and develop new markets for gas, it said.

Reporting by Bate Felix; editing by Richard Lough and Jason Neely

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