Total buys stake in US wind company

Oil giant Total’s clean energy venture capital arm has bought a stake in United Wind. Total Energy Ventures (TEV), which invests in start-ups, will finance the Brooklyn-based company’s expansion into […]

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By Priyanka Shrestha

Oil giant Total’s clean energy venture capital arm has bought a stake in United Wind.

Total Energy Ventures (TEV), which invests in start-ups, will finance the Brooklyn-based company’s expansion into new states including Colorado, Kansas and Minnesota.

United Wind leases small wind turbines – 10KW to 100KW – to homes and businesses in rural areas.

Jérôme Schmitt, Executive Vice President, Sustainable Development & Environment at Total said: “This latest investment strengthens TEV’s participation in the distribution of renewable energy. It allows us to explore the interest in small-scale renewable energy solutions which can be connected to the grid and how these can be financed.”

Last month the French energy giant announced plans to buy the third largest supplier of gas and renewable power in Belgium.