French oil giant Total and EDF Energies Nouvelles’ subsidiary EDF Energies Nouvelles Réparties (EDF ENR) signed a memorandum of intent for a stake in EDF’s PV company Tenesol.
Tenesol, created in 1983, was jointly owned by EDF ENR and Total. The latest agreement will have Total taking control of the PV company in its entirety with the exception of its overseas operations. The deal is subject to approval, but is expected to be finalized by the end of the year.
Tenesol has two sites for assembling PV modules in Toulouse, France and Cape Town, South Africa. It has businesses of marketing and installing PV roof systems for individuals and businesses in mainland France and overseas departments, as well as in Europe, and a solar farm construction business in overseas departments and territories. The company produces around 800,000 solar panels a year from its main plants in France and South Africa.
Philippe Boisseau, president of Total Gas and Power, said: "This project confirms Total’s commitment to expanding rapidly in the photovoltaic solar energy industry."
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