Integrated oil and gas company TOTAL S.A. (TOT) further enhanced its footprint in green power generation, when it signed an agreement with EDF ENR to acquire all of Tenesol's operations. This acquisition excludes Tenesol's operation in overseas departments and territories.
Tenesol is a solar energy operator in Europe and is a leader in France for providing large industrial and commercial photovoltaic rooftop solutions. The acquisition is subject to applicable legal procedures and is expected to close in the second half of 2011. Tenesol’s overseas departments and territories were equally owned by TOTAL and EDF ENR.
We appreciate TOTAL's move to position itself in the entire photovoltaic solar chain. The company is set to achieve its goal by generating solar energy through agreements and acquisitions, creating its own production lines and through partnership with laboratories in different countries to develop energy generation from photovoltaic panels.
In June 2010, a consortium of TOTAL and Abengoa Solar was entrusted with the duty to build, operate and own Shams 1, the world’s largest concentrated solar power plant in Abu Dhabi, the first of its kind in the Middle East. Again in June the company acquired a 25.4% interest in US based AE Polysilicon, which specializes in a new solar polysilicon production technology.
In November 2010, the company announced that it will construct a photovoltaic panel production and assembly unit at Composite Park in France's north-eastern region of Moselle. The two production lines in the plant will have a total peak production capacity of 50 megawatt peak (MWp).
The company has 50% interest in Photovoltech, which manufactures crystalline silicon photovoltaic solar cells. TOTAL also has a 25% interest in US based Konarka, which develops products based on organic solar technologies.
TOTAL S.A. currently retains a Zacks #3 Rank (short-term Hold rating). We maintain a long-term Neutral rating on the stock. The company competes with Statoil ASA (STO).
France-based TOTAL is one of the largest publicly traded, globally integrated oil and gas companies based on production volumes, proved reserves and market capitalization. The company has exploration and production operations across five continents.
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