TotalEnergies has today announced it is acquiring full ownership of renewable energy developer Total Eren, a move that is expected to strengthen the energy giant’s position in the sector.

The transaction values Total Eren at €3.8 billion (£3.2bn), with TotalEnergies investing around €1.5 billion (£1.2bn) for the 70.8% stake.

Total Eren currently operates 3.5GW of renewable capacity worldwide and has a pipeline of over 10GW in various countries.

The move is expected to boost TotalEnergies’ net operating income and cash flow.