French renewable energy company Total Eren has agreed to buy Luxembourg-based NovEnergia Holding Company for an undisclosed sum.
The green energy developer has been active in Southern Europe since 2001, with a portfolio consisting of wind, solar and mini hydropower plants, which represent a total installed capacity of 657MW and 47 fully operating assets.
The company has been valued at more than €1 billion (£0.86bn).
Pâris Mouratoglou, Chairman of Total Eren said: “Acquiring the NovEnergia Holding Company deeply strengthens our footprint in the European market, where Total Eren already holds a historical and long lasting presence in France, Greece and Italy.”
Total Eren, founded in 2012, also has a portfolio of wind, solar and hydropower assets, representing a capacity of 1.6GW in operation or under construction worldwide.