French group Total buys up some assets from Portugal's EDP

18/05/2020 11:49 Energy

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French energy group Total (TOTF.PA) said on Monday it had agreed to buy up a large customer portfolio from Energías de Portugal (EDP.LS) and two of EDP’s gas-fired combined cycle power plants, making it a leading player in the Iberian market.

The deal is in line with the company’s strategy to expand into the electricity market as energy majors face growing pressure to reduce their exposure to fossil fuels while increasing low-carbon businesses in their portfolio.


Total's shares on the Paris bourse .FCHI gained 4% in early trade after the deal, and a separate announcement that it was calling off a deal to acquire Occidental Petroleum's asset in Ghana.

https://www.reuters.com

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