France: Electricity Generation Total Acquires Two Gas Power Plants
Total has signed an agreement with KKR-Energas to acquire its two gas-fired combined cycle power plants (CCGT) in the North and East of France, which represent an electricity generation capacity of approximately 825 megawatts (MW).
Paris/France — According to Philippe Sauquet, President Gas, Renewables & Power, this acquisition allowed Total to continue its integration along the gas and electricity value chain, from production to marketing. With the addition of two gas plants acquired from KKR-Energas, and a growing portfolio of renewable power, the group would have the capacity to generate over one-third of the cumulated consumption of its B2C and B2B customers, he added. These flexible power plants enabled the company to optimize the cost of electricity supply to its customers. The transaction is subject to approval by the relevant authorities.
Through its 73 % stake in Direct Energie, Total also has 800 MW of capacity in two power plants of 400 MW each in France and in Belgium. The development of another 400 MW plant is planned in the Brittany region. The company has an objective of achieving 15 % share of the B2C gas and electricity supply market in France and Belgium within five years.