Total has signed an agreement with EDF ENR to acquire all of Tenesol's operations (outside of France's overseas departments and territories1), of which it already owns 50%.
Tenesol's operations in the French overseas departments and territories would continue to be equally owned by the Total Group and EDF ENR.
Tenesol, which was created in 1983, is a top-tier solar energy operator in Europe, leader in the French market for large industrial and commercial photovoltaic rooftop solutions.
Tenesol designs, manufactures, markets and operates photovoltaic energy systems.
Tenesol enjoys wide recognition for its photovoltaic competencies, offering superior engineering and technical services. The company has a production capacity of 800,000 solar panels a year, or 170 megawatt peak2, at two plants, one in Toulouse, France, and the other in Cape Town, South Africa.
The planned acquisition covers all Tenesol's operations, with the exception of those in France's overseas departments and territories, which employ more than 760 people in numerous countries and generated revenue of approximately €240 million in 2010.
'This project confirms Total's commitment to expanding rapidly in the photovoltaic solar energy industry,' commented Philippe Boisseau, President of Total Gas & Power. 'Completion of the deal would step up Tenesol's international expansion by capitalizing on the expertise of its teams and strengthening synergies with Total's other businesses.'
The planned acquisition is subject to applicable legally required processes for notifying and consulting Tenesol employee representatives and the approval of the anti-trust authorities in the countries concerned. The closing of the transaction could take place in the second half of 2011.