Renault initially signed a letter of intent with Lotus in September.
“Renault had two options: to come back at 100 percent or leave. After a detailed study, I have decided that Renault will be in Formula 1, starting 2016,” Chairman and CEO of Renault, Carlos Ghosn, said.
“The final details supplied by F1’s main stakeholders gave us the confidence to accept this new challenge. Our ambition is to win, even if it will take some time,” he said.
The relationship between Lotus and Renault stretches back 15 years.
Renault’s involvement in F1 however stretches further back. It was the first constructor to introduce turbo engines to Formula 1 with its 1977 Renault RS01 running an explosive Renault-Gordini 1.5 litre V6 turbo tucked into its tail.
It has continued its involvement with the sport for almost 40 years as both an engine supplier and constructor, winning world titles with Williams, Red Bull and with its own Lotus-derived cars in 2005 and 2006 (with Fernando Alonso at the wheel).
While contracts were signed on the third of December, work still continues of finalising the terms of acquisition of the Lotus F1 Team.
Renault will announce further details of its F1 program in January before making its racing debut in Melbourne for the start of the 2016 season in March.