TotalEnergies Boosts Presence in Germany With $1.65 Billion VSB Deal

By Christian Moess Laursen

TotalEnergies struck a deal to buy renewable-energy company VSB Group from Partners Group for 1.57 billion euros ($1.65 billion), expanding its presence in Germany.

The French energy giant said Wednesday that the acquisition adds more than 2 gigawatt of developed onshore wind-power capacity across Europe.

TotalEnergies said the purchase complements its acquisitions of German battery storage-systems company Kyon Energy in January and energy manager Quadra Energy last year. Paris-based TotalEnergies aims to become an integrated power company in Europe's largest economy.

Meanwhile, it also agreed to sell half of a portfolio of 2 gigawatt solar and battery-energy storage systems in Texas to New York-based asset manager Apollo Global Management for $800 million.

The portfolio consists of three solar projects with a total capacity of 1.7 gigawatt and two battery-energy storage projects with a capacity of 300 megawatt. TotalEnergies will remain operator of the assets and retain a 50% stake.

As part of its strategy, TotalEnergies plans to sell up to 50% of its wholly-owned renewable-energy assets once they reach commercial operation.

Write to Christian Moess Laursen at [e-mail]

(END) Dow Jones Newswires

12-04-24 0925ET