Total strengthens its positions in generation and supply of electricity and gas in Spain through the acquisition of the Energías de Portugal’s portfolio of 2.5 million B2C customers and two gas-fired combined cycle power plants, which represent an electricity generation capacity of nearly 850 megawatts.
This deal serves Total’s ambition to achieve Carbon Neutrality by 2050 for its worldwide business across its production and energy products used by its customers, and to play a major role in the energy transition in Europe, Spain being among the first countries to have adopted an objective of Carbon Neutrality by 2050.
The transaction with EDP is based on an enterprise value of € 515M. It remains subject to conditions precedent, including regulatory approval and should be finalized before the end of 2020. The portfolio of around 2.5 million residential contracts is composed of around 2.1 million held by EDP Commercializadora (100% EDP) and around 0.4 million by CHC, a joint venture between EDP and CIDE, the latter transaction being subject to CIDE agreement. Upon closing, EDP will transfer to Total the 280 employees managing the activities acquired.