March 29, 2018 / 4:23 PM / 10 months ago

Total, Tikehau target 1 billion euro energy transition fund

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) - French oil giant Total and alternative investment specialist Tikehau Capital have committed 100 million euros ($123 million) each to a new private equity fund investing in the shift away from fossil fuels, Tikehau said on Thursday.

The firms have mandated Goldman Sachs to recruit “major institutional investors” and increase the new energy transition fund to 1 billion euros, the Paris-based investment firm said.

Tikehau announced the partnership as it reported 2017 net income of 314.4 million euros, up from 124.6 million euros a year earlier.

($1 = 0.8141 euros)

Reporting by Maya Nikolaeva and Matthieu Protard

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