After SunPower in 2011, Saft and Lampiris in 2016, with the signature of an agreement to purchase 74.33% of Direct Energie’s share capital, Total once again demonstrates its desire to diversify its business model by increasing the weight of its assets in the electricity and gas generation and retail.
Commenting on the acquisition, Patrick Pouyanné, Chairman and CEO of Total SA, said: “This project is in line with the Group’s strategy to integrate the entire gas and electricity business’s value and to develop low-carbon energy assets, in line with our ambition to become the Oil and Gas sector’s leaders in responsible energy.
Total has also set an installed electrical capacity target of at least 10 GW by 2023 in the form of gas and renewables power plants.
Is the future of Oil & Gas companies producing and selling electricity? In any case, this is Total’s bet that, with this last acquisition, become a serious competitor of EDF and Engie, and in the same time is writing a solid 2°C transition story for the investors.