May 18 (LNG) - Total has strengthened its positions in power generation and the supply of electricity and natural gas in Spain with the acquisition from Energías de Portugal (EDP) of its portfolio of 2.5 million residential customers and two combined-cycle gas-fired power plants with a capacity of nearly 850 megawatts.
“The transaction, concluded with EDP on the basis of a price of €515 ($557M) in value, remains subject to preconditions, including the approval of the competent authorities, and should be finalized by the end of 2020,” said Total.
Total now also enters the Spanish residential market and becomes the country's fourth-largest supplier of gas and electricity with residential market shares of 12 percent and 6 percent respectively. “This deal allows Total to become one of the main players in the energy market in Spain, from the import of LNG to the production and sale of electricity, based on renewables and gas,” said Patrick Pouyanné, Chairman and Chief Executive.
